Section 18: Central Board to be guided by directions of Central Government.
The State Bank of India Act, 1955Central Act · Act 23 of 1955
(1) In the discharge of its functions *** the State Bank shall be guided by such directions in matters of policy involving public interest as the Central Government may, in consultation with the Governor of the Reserve Bank and the chairman of the State Bank, give to it.
(2) [All directions shall be given by the Central Government] and, if any question arises whether a direction relates to a matter of policy involving public interest, the decision of the Central Government thereon shall be final.
Central Board to be guided by directions of Central Government.
Jurisdiction
Central
Status
In force as published by the source
How this provision has been amended
Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.
omitted, Act 19 of 2018. . The words "including those relating to a subsidiary bank" omitted by Act 19 of 2018, s. 4 (w.e.f. 1-4-2017).
substituted, Act 32 of 2007. . Subs. by Act 32 of 2007, s. 6, for "All directions given by the Central Government shall be given through the Reserve Bank" (w.e.f. 29-6-2007).
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