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STATE BANK OF INDIA (AMENDMENT) ACT 2007

Ministry of Law and Justice

Act nº 32 of 2007


  • Act nº 32 of 2007

Preamble

THE STATE BANK OF INDIA (AMENDMENT) ACT, 2007

[Act No. 32 of 2007]

[3rd September, 2007.]

PREAMBLE

An Act further to amend the State Bank of India Act, 1955.

be it enacted by Parliament in the Fifty-eighth Year of the Republic of India as follows:--

Section 1. Short title and commencement

(1) This Act may be called the State Bank of India (Amendment) Act, 2007.

(2) It shall be deemed to have come into force on the 29th day of June, 2007.

Section 2. Amendment of section 3

In the State Bank of India Act, 1955(23 of 1955) (hereinafter referred to as the principal Act), in section 3, in sub-section (2), for the words "Reserve Bank", the words "Central Government" shall be substituted.

Section 3. Amendment of section 5

In section 5 of the principal Act, in sub-section (2), for the words "Reserve Bank", the words "Central Government" shall be substituted.

Section 4. Amendment of section 10

In section 10 of the principal Act, in sub-section (2), for the words "Reserve Bank", the words "Central Government" shall be substituted.

Section 5. Amendment of section 11

In section 11 of the principal Act, for the words "Reserve Bank", the words "Central Government" shall be substituted.

Section 6. Amendment of section 18

In section 18 of the principal Act, in sub-section (2), for the words "All directions given by the Central Government shall be given through the Reserve Bank", the words "All directions shall be given by the Central Government" shall be substituted.

Section 7. Amendment of section 19

In section 19 of the principal Act, in clause (c), for the words "Reserve Bank", the words "Central Government" shall be substituted.

Section 8. Amendment of section 24

In section 24 of the principal Act, in sub-section (4), for the words "Reserve Bank", the words "Central Government" shall be substituted.

Section 9. Amendment of section 36

In section 36 of the principal Act, --

(1) in sub-section (1), --

(a) in clause (a), for the words "Reserve Bank", the words "Central Government" shall be substituted;

(b) in clause (b),--

(i) the words "the Reserve Bank or" shall be omitted;

(ii) in the proviso,--

(A) for the words "Reserve Bank", occurring at both the places, the words "Central Government" shall be substituted;

(B) for the words "paid to that Bank", the words "paid to that Government" shall be substituted;

(2) in clause (a) and clause (aa) of sub-section (2) and in sub-section (3), for the words "Reserve Bank", wherever they occur, the words "Central Government" shall be substituted.

Section 10. Repeal and saving

(1) The State Bank of India (Amendment) Ordinance, 2007(Ord. 5 of 2007), is hereby repealed.

(2) Notwithstanding such repeal, anything done or any action taken under the principal Act, as amended by the said Ordinance, shall be deemed to have been done or taken under the principal Act, as amended by this Act.