Act Number: 38

Act Name: The State Bank of India (Subsidiary Banks) Act, 1959

Year: 1959

Enactment Date: 1959-09-10

Long Title: 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.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 36: Subsidiary bank to act as agent of the State Bank.
    (1) A subsidiary bank shall, if so required by the State Bank, act as agent of the State Bank at any place in India for--
         (a) paying, receiving, collecting and remitting money, bullion and securities on behalf of any Government in India; and
         (b) undertaking and transacting any other business which the Reserve Bank may, from time to time, entrust to the State Bank.
     (2) The terms and conditions on which any such agency business shall be carried on by the subsidiary bank on behalf of the State Bank shall be such as may be determined by the State Bank, after consultation with the subsidiary bank and with the approval of the Reserve Bank.
    1 *                             *                             *                             *                             *
Notes:
1. Sub-sections (3) and (4) omitted by Act 56 of 1962, s. 3 (w.e.f. 1-1-1963).
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