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THE STATE BANK OF INDIA ACT, 1955

Title : THE STATE BANK OF INDIA ACT, 1955

Year : 1955

[8th May, 1955.]

An Act to constitute a State Bank for India, to transfer to it the undertaking of the Imperial Bank of India and to provide for other matters, connected therewith or incidental thereto.

CHAPTER I
PRELIMINARY



(1) This Act may be called the State Bank of India Act, 1955.

(2) It shall come into force on such date 1*** as the Central Government may, by notification in the Official Gazette, appoint.

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1. Ins. by Act 48 of 1973, s. 2 (w.e.f. 1-7-1974).

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In this Act, unless the context otherwise requires,-

(a) "Appointed day" means the date on which this Act comes into force;

(b) "Central Board" means the Central Board of Directors of the State Bank;

(bb)1* "Chairman" means the chairman of the Central Board;

(c) "Goods" includes bullion, wares and merchandise;

(d) "Imperial Bank" means the Imperial Bank of India constituted under the Imperial Bank of India Act, 1920.(7 of 1920),

(dd)2* "Local Board" means a Local Board constituted under section 21;

(e) "Prescribed" means by regulations made under this Act;

(f) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934.(2 of 1934)

(g) "State Bank" means the State Bank of India constituted under this Act;

(h)3* "Subsidiary bank" means a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959);

(i)4* "Vice-chairman" means the vice-chairman of the Central Board;

(j)5* "Workman" has the meaning assigned to it in the Industrial Disputes Act, 1947 (14 of 1947).

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1. The Act has been extended to Dadra and Nagar Haveli (w.e.f. 1-7-1965) by Reg. 6 of 1963, s. 2 and Sch. I; to Pondicherry (w.e.f.1-10-1963) by Reg. 7 of 1963, s. 3 and Sch. I; and to Goa, Daman and Diu by Reg. 11 of 1963, s. 3 and Sch.

2. 1st July, 1955, see Notification No. S.R.O. 1077, dated the 14th
May, 1955, Gazette of India, Pt. II, Sec. 3, p. 869.

3. Ins. by Act 35 of 1964, s. 2 (w.e.f. 1-12-1964).

4. Subs. by Act 3 of 1994, s. 2 (w.e.f. 15-10-1993).

5. Subs. by s. 2, ibid., for "one hundred rupees" (w.e.f. 15-10-1993).

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Last updated on August, 2016

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