Section 18
Central Board to be guided by directions of Central Government.
The State Bank of India Act, 1955
About this Act
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.
(1) In the discharge of its
functions 1*** the State Bank shall be guided by such directions in matters of policy involving public
interest as the Central Government may, in consultation with the Governor of the Reserve Bank and the
chairman of the State Bank, give to it.
(2) 2[All directions shall be given by the Central Government] and, if any question arises whether a direction relates to a matter of policy involving public interest, the decision of the Central Government thereon shall be final.
(2) 2[All directions shall be given by the Central Government] and, if any question arises whether a direction relates to a matter of policy involving public interest, the decision of the Central Government thereon shall be final.
Notes
1. The words "including those relating to a subsidiary bank" omitted by Act 19 of 2018, s. 4 (w.e.f. 1-4-2017).
2. Subs. by Act 32 of 2007, s. 6, for "All directions given by the Central Government shall be given through the Reserve Bank" (w.e.f. 29-6-2007).
2. Subs. by Act 32 of 2007, s. 6, for "All directions given by the Central Government shall be given through the Reserve Bank" (w.e.f. 29-6-2007).