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STATE BANK OF INDIA (AMENDMENT) ACT, 2010

Title : STATE BANK OF INDIA (AMENDMENT) ACT, 2010

Year : 2010



In section 25 of the principal Act,-

(a) In sub-section (1), the word ", vice-chairman" shall be omitted;

(b) In sub-section (2),-

(i) The word ", vice-chairman" shall be omitted;

(ii) In clause (b), the words "in consultation with the Reserve Bank" shall be omitted.



Section 28 of the principal Act shall be omitted.



In section 29 of the principal Act, in sub-section (1),-

(a) In clause (a), the word "and" shall be omitted;

(b) In clause (b),-

(i) The words "and the vice-chairman," shall be omitted,

(ii) At the end, the word "; and" shall be inserted;

(c) After clause (b), the following clause shall be inserted, namely:-

(c) When authorised by the chairman, shall preside at the meetings of the Central Board in his absence.



In section 31 of the principal Act,-

(a) For sub-sections (1) and (2), the following sub-sections shall be substituted, namely:-

(1) The Central Board shall meet at such time and place and shall observe such rules of procedure in regard to the transaction of business at its meetings as may be prescribed; and the meeting of the Central Board may be held by participation of the directors of the Central Board through videoconferencing or such other electronic means, as may be prescribed, which are capable of recording and recognising the participation of the directors and the proceedings of such meetings are capable of being recorded and stored:

Provided that the Central Government may in consultation with the Reserve Bank, by notification in the Official Gazette, specify the matters which shall not be discussed in a meeting of the Central Board held through videoconferencing or such other electronic means.

(2) All questions at the meeting shall be decided by a majority of the votes of the directors present in the meeting or through videoconferencing or such other electronic means and in the case of equality of votes the chairman or, in his absence, the managing director authorised by the chairman shall have a second or casting vote.

(b) In sub-section (4), for the word "vice-chairman", the words "managing director authorised by the chairman" shall be substituted.
Last updated on August, 2016

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