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 61: Protection of action taken under Act.
    (1) No suit or other legal proceeding shall lie against the Central Government, the Reserve Bank or the State Bank or any officer of the Central Government, the Reserve Bank or the State Bank for any damage caused or likely to be caused by anything which is in good faith done or intended to be done in pursuance of this Act.
     (2) No person shall have any right, whether in contract or otherwise, to any compensation for any loss incurred or any damage caused by reason of the operation of, or anything done in pursuance of, the provisions contained in sections 46 and 47.
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