Section 51 of The Banking Regulation Act, 1949: Application of certain provisions to the State Bank of India and other notified banks.

Section 51 of The Banking Regulation Act, 1949: Application of certain provisions to the State Bank of India and other notified banks.

Application of certain provisions to the State Bank of India and other notified banks. – [(1)] Without prejudice to the provisions of the State Bank of India Act, 1955 (23 of 1955) or any other enactment, the provisions of sections 10, 13 to 15, 17, [19 to 21-A, 23 to 28, 29 ]excluding sub-section (3), [29A,] [sub-sections (1-B), (1-C) and (2) of sections 30, 31,] 34, 35, 35-A, [35AA, 35AB] 36 excluding clause (d) of sub-section (1), 45-Y to 45-ZF, 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 [or any corresponding new bank or a Regional Rural Bank or any subsidiary bank] as they apply to and in relation to banking companies:
[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 [managing director] of any subsidiary bank insofar as the said clause precludes him from being a director of, or holding an office in, any institution approved by the Reserve Bank:

[(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 47-A 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 banking 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.]

[* * *]
[(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.]

 

For Complete Banking Regulation Act, 1949. Click here

For other Central Acts. Click here.

Are you Looking for a Legal Professional? Click here

OR

Are you a LawyerRegister here to get published on Advocate Finder, an open platform for lawyers.

Leave a Reply

Your email address will not be published. Required fields are marked *