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 51: Establishment of pension and superannuation funds by subsidiary banks.
    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.
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