The State Bank of India Act, 1955

The State Bank of India Act, 1955 establishes the State Bank of India as a statutory corporation with the power to conduct banking business in India and abroad. The Act defines the powers, functions, and duties of the bank's Board of Directors, which is responsible for the management and direction of the bank. The Act also regulates the bank's capital, reserves, dividends, and audit, as well as its relations with the government and other banks. In addition, the Act lays down the procedures for the appointment and removal of the bank's Chairman and Managing Director, and sets out the provisions for the bank's merger, amalgamation, and winding up.