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 45: Power to issue directions for removing difficulties.
    For the purpose of facilitating the full and effective transfer of the undertaking of an existing bank in accordance with the provisions of this Act, or in order to remove any difficulty which in the opinion of the Central Government has arisen or is likely to arise in connection with such transfer, the Central Government may, in consultation with the Reserve Bank, give such directions to any existing bank or the State Bank as appear to it to be necessary and the said bank or the State Bank, as the case may be, shall comply with such directions.
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