Central Act

The Banking Regulation Act, 1949

1[51. Application on of certain provisions to the State Bank of India and other notified banks.--2[(1)] Without prejudice to the provisions of the State Bank of India Act, 1955 (23 of 1955), or or any other enactment, the provisions of sections 10, 13 to 15, 17, 3[19 to 21A, 23 to 28, 29 [excluding sub-section (3)], 4[29A] 5[sub-sections (1B), (1C) and (2) of section 30, 31], 34, 35, 35A, 6[35AA, 35AB,] 36 [excluding [excluding clause (d) of sub-section (1)], 45Y to 45ZF, 46 to 48] 50, 52 and 53 shall also apply, so far as may be, to and in relation to the State Bank of India 7[or any corresponding new bank or a Regional Rural Bank or any subsidiary bank] as they apply to and in relation to banking companies: 8[Provided that-- (a) nothing contained in clause (c) of sub-section (1) of section 10 shall apply to the chairman of the State Bank of India or to a 9[managing director] of any subsidiary bank in so far as the said clause precludes him from being a director of, or holding an office in, any institution approved by the Reserve Bank; 10[(b) nothing contained in sub-clause (iii) of clause (b) of sub-section (1) of section 20 shall apply to any bank referred to in sub-section (1), insofar as the said sub-clause (iii) of clause (b) precludes that bank from entering into any commitment for granting any loan or advance to or on behalf of a company (not being a Government company) in which not less than forty per cent. of the paid-up capital is held (whether singly or taken together) by the Central Government or the Reserve Bank or a corporation owned by that bank; and (c) nothing contained in section 46 or in section 47A shall apply to,-- (i) an officer of the Central Government or the Reserve Bank, nominated or appointed as director of the State Bank of India or any corresponding new bank or a Regional Rural Bank or any subsidiary bank or a company; or (ii) an officer of the State Bank of India or a corresponding new bank or a Regional Rural Bank or a subsidiary bank nominated or appointed as director of any of the said banks (not being the bank of which he is an officer) or of a banking company.] 11* * * * * 12[(2) References to a banking company in any rule or direction relating to any provision of this Act referred to in sub-section (1) shall, except where such rule or direction provides otherwise, be construed as referring also to the State Bank of India, a corresponding new bank, a Regional Rural Bank and a subsidiary bank.]