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THE STATE BANK OF INDIA (SUBSIDIARY BANKS) ACT, 1959

Title : THE STATE BANK OF INDIA (SUBSIDIARY BANKS) ACT, 1959

Year : 1959

[Act, No. 38 of 1959]
[10th September, 1959]

PREAMBLE

An Act to provide for the formation of certain Government or Government associated banks as subsidiaries of the State Bank of India and for the constitution, management and control of the subsidiary banks so formed, and for matters connected therewith, or incidental thereto

BE, it enacted by Parliament in the Tenth year of the Republic of India as follows:-



This Act may be called the State Bank of India (Subsidiary Banks) Act, 1959.



In this Act, unless the context otherwise requires,-

(a) "Appointed day" means,-

(i) In relation to an existing hank, the date on which the corresponding new bank is constituted under section 3;

(ii) In relation to a new bank, the date on which that new bank is constituted under section 3;

(iii) In relation to the Hyderabad Bank, the dale on which the amendments to the State Bank of Hyderabad Act, 1956, take effect under Part VII of the Third Schedule;

2[***]

(b) "Corresponding bank" means,-

(i) In relation to the State Bank of Bikaner, the Bank of Bikaner, Limited;

5[***]

(iii) [Omitted by the State-Associated Banks (Miscellaneous Provisions) Act, 1962 (56 of 1962), Section 3 (1-1-1963):]

(iv) In relation to the State Bank of Mysore, the Bank of Mysore, Limited;

(v) In relation to the State Bank of Patiala, the Bank of Patiala;

(vi) In relation to the State Bank of Travancore, the Travancore Bank, Limited;

(c) "Corresponding new bank" means,-

(i) In relation to the Bank of Bikaner, Limited, the State Bank of Bikaner;

6[***]

(iii) [Omitted by the State-Associated Banks (Miscellaneous Provisions) Act, 1962 (56 of 1962), Section 3 (1-1-1963);]

(iv) In relation to the Bank of Mysore, Limited, the State Bank of Mysore;

(v) In relation to the Bank of Patiala, the State Bank of Patiala;

(vi) In relation to the Travancore Bank, Limited, the State Bank of Travancore;

(d) "Existing bank" means any of the following banks, namely:-

(i) Bank of Bikaner, Limited;

7[***]

(iii) [Omitted by the State-Associated Banks (Miscellaneous Provisions) Act, 1962 (56 of 1962), Section 3(1-1-1963);]

(iv) Bank of Mysore, Limited;

(v) Bank of Patiala;

(vi) Tritvancore Bank, Limited;

(e) "Hyderabad Bank" means the Hyderabad State Bank constituted under the Hyderabad State Bank Act, 1350-F, and renamed the State Bank of Hyderabad under sub-section (1) of section 3 of the State Bank of Hyderabad Act, 1956;

(f) "New bank" means any of the banks constituted under section 3;

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

(h) ''Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934;

3[***]

(j) "State Bank" means the State Bank of India constituted under the State Bank of India Act, 1955;

(k) "Subsidiary bank" means any new bank and includes the Hyderabad Bank 4[***]

(1) "Tribunal" means the Tribunal constituted under section 15.

1*[(m)] "Workman" has the meaning assigned to it in the Industrial Dispute, Act, 1947.]
 
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1. Inserted by the State Bank Laws (Amendment) Act, 1973 (48 of 1973), Section 20 w.e.f. 1-7-1974.

2. Omitted by the State Bank of Saurashtra (Repeal) and the State Bank of India (Subsidiary Banks) Amendment Act, 2009 w.e.f. 01.06.2010 previous text was :-

"(iv) in relation to me Saurashtra Bank, the date on which the amendments to the Saurashtra State Banks (Amalgamation) Ordinance, 1950, take effect under Part V of the Third Schedule:"

3. Omitted by the State Bank of Saurashtra (Repeal) and the State Bank of India (Subsidiary Banks) Amendment Act, 2009 w.e.f. 01.06.2010 previous text was :-

"(i) "Saurashtra Bank" means the State Bank of Saurashtra constituted under the Saurashtra State Banks (Amalgamation) Ordinance, 1950;"

4. Omitted by the State Bank of Saurashtra (Repeal) and the State Bank of India (Subsidiary Banks) Amendment Act, 2009 w.e.f. 01.06.2010 previous text was :-

"and the Saurashtra Bank."

5. Omitted by the State Bank of India (Subsidiary Banks) Amendment Act, 2011 w.e.f. 01.06.2011 previous text was :-

"(ii) in relation to the State Bank of Indore, the Bank of Indore, Limited;"

6. Omitted by the State Bank of India (Subsidiary Banks) Amendment Act, 2011  w.e.f. 01.06.2011 previous text was :-

"(ii) in relation to the Bank of Indore, Limited, the State Bank of Indore;"

7. Omitted by the State Bank of India (Subsidiary Banks) Amendment Act, 2011 w.e.f. 01.06.2011 previous text was:-

"(ii) Bank of Indore, Limited;"

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Last updated on July, 2016

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