Section 51
Establishment of pension and superannuation funds by subsidiary banks. Repealed
The State Bank of India (Subsidiary Banks) Act, 1959
About this Act
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.
Notwithstanding anything to the contrary contained in any other law for the time being in force, a
subsidiary bank may establish and maintain superannuation, pension, provident or other funds for the
benefit of its officers or employees or the dependants of such officers or employees or for the
purposes of the subsidiary bank, and grant superannuation allowances, annuities and pensions payable
out of any such fund.