Act Number: 23

Act Name: The State Bank of India Act, 1955

Year: 1955

Enactment Date: 1955-05-08

Long Title: An Act to constitute a State Bank for India, to transfer to it the undertaking of the Imperial Bank of India and to provide for other matters connected therewith or incidental thereto.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 37: Reserve Fund.
    The State Bank shall establish a Reserve Fund which shall consist of--
         (a) the amount held in the Reserve Fund of the Imperial Bank transferred to the State Bank on the appointed day; and
         (b) such further sums as may be transferred to it by the State Bank out of its annual net profits before declaring a dividend.
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