- Who are Competent to Contract?
- TRIPS Agreement: Meaning and Scope
- Trademarks Law & Legislation in India
- Trademark Protection for 3D Mark
- Trademark Infringement and Attempts to Pass Off
- Specific Performance in Contracts
- Remedies of Breach of Contract
- Protection of Pattern Mark in India
- Protecting Hologram Trademark in India
- Privileged Communication: Meaning and Types
- Pradhan Mantri Matsya Sampada Yojana (PMMSY)
- Parole: Definition and Meaning
- National Water Mission (NWM)
- National Steel Policy, 2017
- National River Conservation Plan, 1995
- National Policy for Women, 2016
- National Pharmaceutical Pricing Authority (NPPA)
- National Mission for a Green India (GIM)
- National Health Policy
- National Energy Policy (NEP)
- National Education Policy, 2020 (NEP)
- National Civil Aviation Policy
- National Bamboo Mission
- National Afforestation and Eco-Development Board (NAEB)
- National Action Plan on Climate Change
- Mortmain: Definition and Meaning
- Mines Rules, 1955
- Mineral Conservation and Development Rules, 1988
- Mineral Concession Rules, 1960
- Metal Elements in Tort Law
- Homosexuality and Law in India
- Hazardous Wastes (Management and Handling) Rules, 1989
- Frustration of Contract
- Force Majeure: Definition and Meaning
- Fair Use of Trademark
- Express and Implied Promise: Indian Contract Act
- Estoppel: Meaning and Types
- Elements of Torts
- Digital Signature: Meaning and Types
- Demise: Definition and Meaning
- Defences to the Tort of Negligence
- Confession: Meaning and Types
- Conditions and Warranties
- Communication when Complete: Indian Contract Act
- Coercion: Definition and Meaning
- Central Consumer Protection Authority
- Burden of Proof: Definition and Meaning
- Biodiversity and Intellectual Property Rights
- Bail Vs Parole
- Advertising Standards Council of India (ASCI)
- Advertising Law in India
- World Intellectual Property Organization: WIPO
- Well-known Trademark in India
- Wages: Definition and Meaning
- Unorganized Workers & Labour Laws
- Unfair Labour Practices
- Transfer Petition under CPC
- Transfer of Cases under CrPC
- Trademark Protection for Sound Mark
- Trademark Protection for Smell Marks
- Trademark Protection for Slogans and Taglines
- Trademark Protection for Motion Mark
- Trademark Protection for Domain Name in India
- Trademark Protection for Colour Marks
- Trademark Protection for Collective Mark
- Trademark Dilution: Meaning and Application
- Trademark Assignment and Licensing
- The Protection of Women from Domestic Violence Act
- Stalking: Definition and Meaning
- Role and Function of Public Prosecutor
- Revenue Court in India
- Remedies Under Tort Law
- Purpose of Labor Legislation in India
- Protection of Well-known Trademarks
- Promises of Marriage an Excuse of Rape
- Presumption: Meaning and Types
- Powers of Executive Magistrate
- Passing off Action: Definition and Meaning
- Oral and Documentary Evidence: Definition and Meaning
- Nyaya Panchayat: Meaning and Function
- Negotiable Instrument: Meaning and Types
- Labour Policy in India
- Judicial Infrastructure and Pendency in Trial Courts
- Indirect Infringement: Definition and Meaning
- False Advertising: Definition and Meaning
- Evolution of Wages Law in India
- E-filing: Meaning & Application
- Dying Declaration: Meaning and Definition
- Domestic Violence: Meaning and Types
- Direct Infringement: Definition and Meaning
- Digital Evidence: Meaning and Sources
- Difference between Joint Hindu Family and Coparcenary
- Difference between Decree and Order
- Difference Between Civil Law and Criminal Law
- Delegated Legislation in India
- Cybersquatting: Definition and Meaning
- Curative Petition: Definition and Meaning
- Counterfeiting: Definition and Meaning
- Contract Labour: Definition and Meaning
- Child Labour: Meaning and Causes
- Child Abuse and Protection Laws
- Admission: Definition and Meaning
- Women and Labour Laws
- Water Policies in India
- Water Law: Definition and Meaning
- Waste Management Law
- Universal Copyright Convention: Definition and Application
- Trade-Secret: Definition and Meaning
- Trademark: Definition and Meaning
- Trademark Search Clearance: Meaning and Types
- Trademark Registration: Meaning and Process
- Trademark Protection of the Trade Dress
- Trademark Opposition: Meaning and Application
- Trademark Infringement: Meaning and Types
- The Berne Convention: Meaning and Application
- Strict Liability: Definition and Meaning
- Sociology of Law: Definition and Meaning
- Sessions Court in India
- Second Marriage in Hindu Law
- Replevin: Definition and Meaning
- Quasi-Judicial Body: Definition and Meaning
- Products Liability: Definition and Meaning
- Patentable Subject Matter: Definition and Meaning
- Patentability Criteria
- Patent Infringement: Definition and Meaning
- Parsi Personal Law in India: An Overview
- Paris Convention for the Protection of Industrial Property
- Muslim Personal Law: Meaning and Sources
- Mining Law: Definition and Meaning
- Major Legislation on Forest Law
- Lok Adalat: Definition and Meaning
- Lien: Definition and Meaning
- Legal Rights: Definition and Meaning
- Legal Culture: Definition and Meaning
- Legal Code: Definition and Meaning
- Labour Laws Throughout the World
- Invasion of Privacy: Definition and Meaning
- International Labour Organisation
- Good Faith: Definition and Meaning
- Geographical Indication: Definition and Meaning
- Geographical Indication Tag: Definition and Meaning
- Game Laws: Definition and Meaning
- Fraud: Meaning and Definition
- Forestry Law: Definition and Meaning
- Forest Policies in India
- Fisheries Policies in India
- Fisheries Law: Definition and Meaning
- False Imprisonment: Definition and Meaning
- Elements of Patentability
- Duration of Patent
- Dossier: Definition and Meaning
- Doctrine of Laches: An Analysis
- Divorce in Indian Law
- Designs: Definition and Meaning
- Defences Against Infringement
- Defamation in Cyber world
- Death Penalty: Definition and Meaning
- Cyber Extortion: Definition and Meaning
- Culprit: Definition and Meaning
- Contributory Infringement: Definition and Meaning
- Chattel: Definition and Meaning
- By-Laws: Definition and Meaning
- Bailable and Non-Bailable Offence
- Animal Laws in India: An Overview
- Amicus Curiae: Definition and Meaning
- Air Quality Law: Definition and Meaning
- Narcotic Drugs Law: Meaning and Application
- Alternative Dispute Resolution: Meaning & Significance
- Substantive Law: Meaning and Significance
- Schools of Jurisprudence: Meaning & Types
- Procedural Law: Meaning and Significance
- Maritime Law: Meaning and Application
- Legitimacy of Children of Void and Voidable Marriages
- Law of the Sea: Meaning and Application
- Election Laws in India
- Tax Law: Meaning & Application
- Sources of Human Rights Law
- Legal Treaties: Meaning & Significance
- Environment Law: Meaning and Significance
- Consumer Law: Meaning and Significance
- Competition Law: Meaning & Application
- Banking Law: Meaning & Applicability
- Aviation Law: Meaning & Applicability
- Antitrust Law: Meaning & Applicability
- Indian Constitutional Law: Meaning & Significance
- District Courts: Meaning & Classification
- All India Bar Examination: Meaning & Purpose
- Labour Law: Meaning & Significance
- Differences between Private Law and Public Law
- Customary Law: Meaning & Significance
- Contract Law: Meaning & Application
- Constitutional Law: Meaning and Significance
- Absolute Liability: Concept and Significance
- Criminal Law: Meaning and Significance
- Religious Law: Meaning & Examples
- Philosophy of Law: Meaning and Characteristics
- Morality and Justice
- Law: Definition and Meaning
- Evolution of the Law
- Classification of Law
Bare Acts of India
- Delhi Shops and Establishment Act
- Trade Union Act: An Overview
- Employment Exchanges (Compulsory Notification of Vacancies) Act: An Overview
- Factories Act: An Overview
- Employees State Insurance Act: An Overview
- Employee Provident Fund and Miscellaneous Provisions Act: An Overview
- Apprentices Act: An Overview
- Whistle Blowers Protection Act: An Overview
- Transfer of Property Act: An Overview
- Trademark Act: An Overview
- The Family Courts Act: An Overview
- Specific Relief Act: An Overview
- Societies Registration Act, 1860
- Securities and Exchange Board of India Act: An Overview
- Right to Information Act: An Overview
- Regulation of Narcotic Drugs Act
- Registration of Births and Deaths Act: An Overview
- Recovery of Debts Due to Banks and Financial Institutions Act: An Overview
- Provincial Small Cause Courts Acts: An Overview
- Protection of Children from Sexual Offences Act: An Overview
- Negotiable Instruments Act: An Overview
- Narcotic Drugs and Psychotropic Substances Act: An Overview
- Motor Vehicle Act: An Overview
- Minimum Wage Act: An Overview
- Mental Healthcare Act, 2017
- Medical Termination of Pregnancy Act: An Overview
- Lokpal and Lokayukta Act: An Overview
- Information Technology Act: An Overview
- Industrial Disputes Act: An Overview
- Indian Trusts Act: An Overview
- Indian Stamp Act: An Overview
- Indian Christian Marriage Act: An Overview
- Income Tax Act: An Overview
- Hindu Adoptions and Maintenance Act: An Overview
- General Clauses Act: An Overview
- Food Safety and Standards Authority of India (FSSAI)
- Court-fees Act: An Overview
- Court Contempt Act: An Overview
- Code of Criminal Procedure: An Overview
- Citizenship Act: An Overview
- Chit Funds Act: An Overview
- Banking Regulation Act: An Overview
- The Arms Act: An Overview
- The Commercial Courts Act: An Overview
- The Companies Act: An Overview
- The Water (Prevention and Control of Pollution) Act: An Overview
- The Unlawful Activities (Prevention) Act: An Overview
- The Transgender Persons (Protection of Rights) Act: An Overview
- Rights of Persons with Disabilities Act: An Overview
- The Patent Act: An Overview
- The Passports Act: An Overview
- The Hindu Succession Act: An Overview
- The State Bank of India Act: An Overview
- The Reserve Bank of India Act: An Overview
- The National Green Tribunal Act: An Overview
- National Commission for Minorities Act: An Overview
- The Copyright Act: An Overview
- The Air (Prevention and Control of Pollution) Act: An Overview
- The Central Goods and Services Tax: An Overview
- The Advocates Act: An Overview
- The Registration Act: An Overview
- The Wildlife Protection Act: An Overview
- The Customs Act: An overview
- The Airports Authority of India Act: An Overview
- Mines and Minerals Act: An Overview
- The Muslim Personal Law (Shariat) Act: An Overview
- The Legal Services Authorities Act: An Overview
- The Indian Succession Act: An Overview
- The National Security Act of 1980
- The Hindu Widow Remarriage Act: An Overview
- The Essential Commodities Act: An Overview
- The Environment Protection Act: An Overview
- The Charitable and Religious Trust Act: An Overview
- The Arbitration and Conciliation Act: An Overview
- Mental Health Act: An Overview
- The Consumer’s Protection Act: An Overview
- Anti-Hijacking Act: An Overview
- The Right of Children to Free and Compulsory Education Act: An Overview
- The Prevention of Corruption Act: An Overview
- The Maternity Benefit Act: An Overview
- The Indian Waqf Act: An Overview
- Payment of Gratuity Act: An Overview
Civil Procedure Code
- Temporary Injunction: Meaning & Application
- Suits by Indigent Persons: Meaning and Significance
- Stay Order: Meaning and Application
- Decree: Meaning and Types
- Bar to Jurisdiction: Meaning and Types
- Summary Suits: Meaning & Application
- Importance of Plaint in Civil Proceedings
- Malicious Prosecution: Meaning & Remedy
- Judgment and its Content
- Code of Civil Procedure: Meaning & Significance
- Procedure of Institution of Civil Suits
- Inherent Powers of the Civil Court
- Hierarchy of Civil Courts and Their Jurisdiction
- Ex-parte Proceeding of Suit: Meaning & Consequence
- Dismissal of Suit: Reason & Remedy
- Appearance and Non-Appearance of Parties
- Res Judicata: Meaning and Application
- Transfer of Suits Under the Civil Procedure Code
- Can Plaintiff Withdraw the Suit?
- Parties to the Suit: Civil Procedure Code of India
Constitutional Law
- Parliament: Meaning and Constitution
- Fraternity: Definition and Meaning
- Financial Bill: Meaning and Types
- Equality: Definition and Meaning
- Election Commission of India
- Constituent Assembly
- Whip in Indian Political System
- Procedure Established by Law: Definition and Meaning
- Fundamental Rights and the Indian Constitution
- Fundamental Duties and the Indian Constitution
- Freedom of Speech and Expression
- Freedom of Religion: Definition and Meaning
- Free Legal Aid: A Constitutional Provision
- Habeas Corpus: Definition and Meaning
- Impeachment: Meaning and Procedure
- Judiciary: Definition and Meaning
- Protection against Arrest and Detention
- Right Against Exploitation: Definition and Meaning
- Veto Power of the Indian President
- Separation of Judiciary from Executive
- Right to Life and Personal Liberty: Article 21
- Right to Education: As a Fundamental Right
- Executive: Definition and Meaning
- Directive Principles of State Policy and Constitution
- Difference Between Fundamental Rights and Fundamental Duties
- Constitution Bench: Definition and Meaning
- Citizenship In India: Part II of the Constitution
- 73rd Amendment Act: Panchayati Raj System
- House of People: Meaning and Composition
- Legislature: Meaning and Types
- Minorities: Meaning and Types
- Legal Aid in India
- Writs: Meaning and Types
- The High Court and Its Judges
- Statutory Law: Meaning and Significance
- Separation of Powers: Definition and Meaning
- Rights of an Arrested Person
- Preamble: Definition and Meaning
- Jurisdiction of Supreme Court of India
- Judicial Review: Meaning and Significance
- Freedom of Speech: Definition and Meaning
- Federalism in India
- Attorney General of India: Meaning and Role
- Amendments of the Constitution
- Advocate General: Meaning and Role
Jury & Judge
- 曼达科拉图尔帕坦加利萨斯特里:印度前首席法官
- H.L. Dattu: Former Chief Justice of India
- Lalit Mohan Sharma: Former Chief Justice of India
- Sudhi Ranjan Das: Former Chief Justice of India
- Sharad Arvind Bobde: Former Chief Justice of India
- Sarv Mittra Sikri: Former Chief Justice of India
- Sarosh Homi Kapadia: Former Chief Justice of India
- Rangnath Misra: Former Chief Justice of India
- P.B. Gajendragadkar: Former Chief Justice of India
- Nuthhalapati Venkata Ramana: Former Chief Justice of India
- Konakuppakatil Gopinathan Balakrishnan: Former Chief Justice of India
- Koka Subba Rao: Former Chief Justice of India
- Kamal Narain Singh: Former Chief Justice of India
- Kailas Nath Wanchoo: Former Chief Justice of India
- Justice A.N. Ray: The Former Chief Justice of India
- Jayantilal Chhotalal Shah: Former Chief Justice of India
- Jagdish Sharan Verma: Former Chief Justice of India
- Indira Banerjee: Former Justice of the Supreme Court
- H.J. Kania: First Chief Justice of India
- Fathima Beevi: The First Female Justice of the Supreme Court
- Dhananjaya Yashwant Chandrachud: 50th Chief Justice of India
- Amal Kumar Sarkar: Former Chief Justice of India
- Adarsh Sein Anand: Former Chief Justice of India
- Prafullachandra Natwarlal Bhagwati: Former Chief Justice of India
- Mohammad Hidayatullah: Former Chief Justice of India
- Mirza Hameedullah Beg: Former Chief Justice of India
- U.U. Lalit: Former Chief Justice of India
- Vishweshwar Nath Khare: Former Chief Justice of India
- V. R. Krishna Iyer: Former Justice of the Supreme Court
- Yogesh Kumar Sabharwal: Former Chief Justice of India
陪审团与法官
陪审团和法官
- 布凡纳什瓦尔·普拉萨德·辛哈:前印度最高法院法官
- Engalaguppe Seetharamiah Venkataramiah:印度前最高法院首席大法官
- 布平德·纳特·基尔帕尔:印度前首席法官
- 阿尔塔马斯卡比尔:印度前首席大法官
- Jagdish Singh Khehar:印度前首席大法官。
- 杜帕克·米什拉:印度前首席大法官
- Ranjan Gogoi: 印度前首席大法官
陪审团和法官 (péi shěn tuán hé fǎ guān)
陪审团与法官 (Péi shěn tuán yǔ fǎ guān)
With increasing financial transactions and requirements of easy banking system, and also to regulate the commercial banking system, parpament has legislated the State Bank of India Act. As result of this, the State Bank of India estabpshed On July 1, 1955.
What does the State Bank of India Act Define?
The State Bank of India is the biggest and oldest commercial bank in the country, which came into existence after the nationapsation of the Imperial Bank of India in 1955. The Imperial Bank of India was the central bank of British India and the government took control of it in 1955 and renamed it the State Bank of India by passing the State Bank of India Act, 1955.
The Act received the President s assent on May 8th, 1955, and it came into force on July 1st, 1955. The Act is spanided into 57 sections, which are contained in 8 chapters and 2 schedules. It originally had four schedules, but two were repealed in 1960.
Estabpshment of the State Bank of India
Section 3 of the Act provides for the estabpshment of a State Bank of India to carry on the business of banking and other businesses and for the purpose of taking over the Imperial Bank of India.
Share Capital
Share capital is the capital raised by issuing shares at a given face value. Authorised Capital is the maximum amount of capital that a company has the power to issue during its pfetime, and the portion of authorised capital actually issued to the pubpc is called issued capital.
The State Bank of India has an authorised capital of five thousand rupees and the Central Board has the power to reduce the face value of the shares and also to increase or decrease the authorised capital.
Transfer of Undertaking by the Imperial Bank
Earper, the Imperial Bank performed all normal banking functions. When it got nationapzed, the provisions for regulating the transfer of its assets, pabipties, employment, etc. were required. Sections 6 to 9 of the Act govern such transfers.
These sections contain provisions regarding the transfer of assets, pabipties, and encumbrances to the Reserve Bank. All rights, powers, authorities, privileges, property, investments, contracts, deeds, agreements, existing provident and other funds, etc. of the Imperial Bank are transferred to SBI. The sections also provide provisions for the transfer of service of existing officers and employees of Imperial Bank to the SBI.
Shares
The Central Government owns at least 51% of the SBI s issued capital. Section 11 imposes restrictions on the voting rights of shareholders other than the Central Government.
Central Board
Section 17 of the Act entrusts the general superintendence and direction of the affairs and business of the SBI to the Central Board. The Board exercises all powers and does all acts that may be exercised or done by the SBI. The Board shall perform its functions on principles having regard to the pubpc interest.
The Board shall consist of the following −
Both a Chairman and a Vice Chairman.
Two Managing Directors are appointed by the Central Board.
Six directors are elected by private shareholders.
Eight directors are nominated by the Central Government in consultation with the RBI.
One director nominated by the central government
One director is nominated by RBI.
The term of office of the Chairperson and each Managing Director is not more than five years, and each member is epgible for reappointment. The term of office of a director is three years.
Local Board
Section 21 of the Act provides for the constitution of a local board at each place where the State Bank has its local head office. The Local Board exercises powers and performs duties and functions delegated to it by the Central Board. This local board will be made up of the following inspaniduals −
Chairman.
Directors are nominated or elected by the Central Board.
Six members are nominated by the Central Government.
The Chief General Manager of the local head office.
Powers of the Central Board
The Central Board exercises the following powers as per the Act −
The Central Board has the power to constitute an executive committee and other committees it deems fit in order to exercise its functions.
The Board has the power to appoint officers and other employees or advisers for the efficient performance of its functions.
It has the power to make regulations that are not inconsistent with the Act.
Decision-making by the Boards
As per Section 31, the meetings of the Central Board may be held in person, through videoconferencing, or any other electronic means. All questions decided at the meeting shall be decided by the majority vote of the directors present at the meeting. A director, directly or indirectly, interested in any contract, loan, arrangement, or proposal which is discussed at the meeting, shall not attend such meeting unless his presence is required for the purpose of epciting information.
Similar provisions are contained in the Act regarding a Local Board under Section 31A.
Business of the State Bank
It includes −
The State Bank shall act as an agent of the Reserve Bank of India for paying, receiving, collecting, and remitting money on behalf of the government. It undertakes and transacts other businesses which the RBI entrusts to it from time to time.
The SBI has to function as a banker to the government. It collects money and makes payments on behalf of the government. It manages pubpc debt, collects charges, and grants loans.
SBI is considered a banker s bank as it receives deposits and provides financial assistance to commercial banks that have their accounts in SBI.
It acts as a clearing house where RBI has no branch.
It may transact other banking business as is provided in the Banking Regulation Act, 1949.
Prohibited Functions
Section 34 prohibits SBI from transacting the following business −
Other than its own offices, SBI shall not own or acquire any immovable property.
SBI cannot grant loans against stocks and shares for a period above six months.
Conclusion
The State Bank of India Act passed solely with the purpose to constitute a State Bank for India, to transfer to it the undertaking of the Imperial Bank of India, and to provide for other matters connected therewith or incidental thereto. Furthermore, the opening of multiple branches of SBI in urban region and also in rural region made the financial transaction even for a private inspanidual very easy.
Frequently Asked Questions
Q1. What was the State Bank of India called before it was created through the act?
Ans: Before the estabpshment of State Bank of India, the Imperial Bank was quite popular; however, after the enactment of SBI Act, the State Bank of India set up and Imperial Bank of India merged into it. The nationapzation of the Imperial Bank ended the protracted debate on its role in independent India.
Q2. What are the main functions of State Bank of India?
Ans: Being a national bank, State Bank of India is a multinational bank, and it operates in dozens of foreign countries. So, the major functions of SBI are:
It provides the option of opening savings and current accounts, as well as a personal locker for each inspanidual.
It enables the drawing, acceptance, buying, and selpng of bills of exchange.
It also issues and circulates the letters of credit.
Recently, it started its own app (SBI Yono) to provide easy mobile banking.
It also invests in funds or any special kind of security, etc.