State Bank of India Act 1955 (Bare Act with Section Notes) - Book By Taxmann

Edition : 2027

State Bank of India Act 1955 [Bare Act with Section Notes] by Taxmann is a single-volume working Edition of the State Bank of India Act 1955. The statutory text is freely available; what this book supplies is the apparatus around it—Case Laws under six sections, with twenty entries on nineteen Supreme Court rulings reported from 1991 to 2024; Section Notes under nine sections; two hundred and six footnotes that record the Act's history from 1955 to the Banking Laws (Amendment) Act 2025; and a Subject Index to the Act.

The book solves a practical problem. Anyone who deals with the State Bank's shares, board, accounts or staff under this Act has to piece together five things:

• The Act as amended from 1955 to 2025, with the earlier text of the provisions that were replaced and the sections that were omitted or repealed
• The Supreme Court rulings on the service, discipline and pension of the State Bank's officers and staff
• The changes made in 2007, 2010, 2018 and 2025 to shareholding, management, subsidiary banks, unclaimed money and audit
• The meaning of the provisions on nomination, voting rights, banking secrecy and the indemnity of directors
• A way to find a provision of the Act by its subject

This volume brings them together: it prints the rulings and notes below the sections they explain, footnotes on the changes, and a Subject Index at the end.

This book is intended for the following audience:

• Bankers and Compliance Officers who apply the Act's provisions on shares, management and accounts, with the Section Notes that explain nomination, voting rights and banking secrecy, and the footnotes that record the 2025 changes on unclaimed money and audit
• SBI Officers and Staff Associations who deal with service matters, with sixteen entries on Supreme Court rulings under sections 43, 49 and 50 on disciplinary proceedings, promotion, pay and pension
• Advocates who handle service and banking disputes involving the State Bank, with the Case Laws on dismissal after retirement, judicial review of disciplinary findings and pension under the Voluntary Retirement Scheme of 2000
• Company Secretaries and Shareholders who deal with the State Bank's shares, with the provisions on transfer, nomination, the register of beneficial owners and the cap on voting rights, and the Section Notes that explain nomination and voting rights
• Directors and Board Secretariats who work with the Central Board, Local Boards and Committees, with the provisions on composition, term, disqualification, removal, supersession and meetings, and the notes on indemnity and defects in appointment
• Auditors who audit the State Bank's accounts, with the provisions on books, returns, audit and the auditors' report, and the footnotes that record the 2025 changes to the qualification and remuneration of auditors
• Judges who hear service and pension matters of the State Bank's employees, with Supreme Court rulings that set out the facts and the holding
• Law Students and Researchers who study banking law and the transfer of the Imperial Bank, with eight Chapters, ten definitions and a Subject Index that finds a provision by its subject

The Present Publication is the 2027 Edition, covering the text of the State Bank of India Act 1955 [Act No. 23 of 1955], with the law stated as updated till 15th September 2026. It has the following noteworthy features:

• [Case Laws – The Core Editorial Feature] Case Laws under six sections carry twenty entries on nineteen Supreme Court rulings, reported from 1991 to 2024. Sixteen sit under sections 43, 49 and 50 and concern the service of the State Bank's officers and staff: disciplinary proceedings begun or continued after superannuation, the duty to disclose reasons for disagreeing with an enquiry officer, judicial review of disciplinary findings, merit-channel promotion, the pay of specialist officers, and pension under the Pension Fund Rules and the Voluntary Retirement Scheme of 2000. The others deal with pension and provident fund for Imperial Bank staff under section 7, the revision of overseas salary on Central Government policy under section 18, and the validity of section 43A on bonus
• [Section Notes] Section Notes under nine sections carry twenty-five numbered heads, with points below them. Under section 9 they explain compensation to the Imperial Bank's shareholders and the rights of others interested in the shares; under section 10A, nomination by a single holder, by joint holders and for a minor; under section 11, the ten per cent cap on voting rights and the voting rights of preference shareholders; and under section 15, the bar on entering trusts in the register and the exception for depositories. The notes on sections 44 to 47 cover banking secrecy and the declaration of fidelity, the bar to liquidation, the indemnity of directors and the validity of acts done despite a defect in appointment
• [Amendment Footnotes] Two hundred and six footnotes record the Act's date and commencement and its changes from 1955 to 2025, the largest share made by the State Bank of India (Amendment) Act 2010. Four record the changes made by the Banking Laws (Amendment) Act 2025, with effect from 1st August 2025, to the transfer of unclaimed money and shares to the Investor Education and Protection Fund and to the qualification and remuneration of auditors; ten record the 2007 changes that replaced the Reserve Bank with the Central Government; and seven record the removal of the provisions on subsidiary banks by the State Banks (Repeal and Amendment) Act 2018. Many print the earlier text of the provision they changed
• [Omitted and Repealed Provisions] Sections 14, 28 and 48, omitted in 1993, 2010 and 1964, and sections 52 to 54 and the Third to Fifth Schedules, repealed in 1960, are marked in place with the law that removed them; the footnote to section 28 quotes the omitted provision on the vice-chairman's powers and pay
• [Research Tools] A four-page Contents list sets out the eight Chapters and five Schedules with their pages, a three-page Subject Index of seventy-eight entries finds a section or definition by its subject, and running heads carry section and Schedule references
• [Authoritative Bare Act Presentation] Taxmann's Bare Act editorial format is followed throughout. Section headings are set in bold, and a boxed COMMENTS device under fifteen sections keeps the Section Notes and Case Laws apart from the statutory text

The structure of the book is as follows:

• Contents
• State Bank of India Act 1955, with Section Notes and Case Laws
• Chapter I, sections 1 and 2, on the short title and commencement and ten definitions
• Chapter II, sections 3 to 5, on the establishment of the State Bank and its authorised and issued capital
• Chapter III, sections 6 to 9, on the transfer of the Imperial Bank's undertaking, staff and funds, and compensation to its shareholders
• Chapter IV, sections 10 to 15, on shares, nomination, voting rights and the register of shareholders
• Chapter V, sections 16 to 31A, on management: the Central Board, the Chairman and managing directors, Local Boards and Local Committees
• Chapter VI, sections 32 to 35A, on the business of the State Bank and the acquisition of other banks
• Chapter VII, sections 36 to 42, on funds, accounts and audit
• Chapter VIII, sections 43 to 57, on staff, bonus, secrecy, liquidation, rules, regulations and the dissolution of the Imperial Bank
• The First Schedule, on compensation for the Imperial Bank's shares; the Second Schedule, the declaration of fidelity and secrecy; and the repealed Third to Fifth Schedules