State Bank of India Act 1955 – Bare Act with Section Notes By Taxmann’s Editorial Board

State Bank of India Act 1955 [Bare Act with Section Notes] by Taxmann is an authoritative statutory publication presenting the complete and updated text of the legislation governing India’s largest public sector bank. Enacted to constitute the State Bank of India and provide for the transfer of the undertaking of the Imperial Bank of India, this Act lays down the legal framework for SBI’s incorporation, governance, capital structure, management, business operations, audit, and regulatory oversight.

This 2026 Edition meticulously reproduces the Act as amended up to date, supplemented with section-wise notes, explanatory comments, and relevant judicial interpretations, ensuring clarity on both the statutory provisions and their practical application. The publication serves as a dependable reference for understanding the legal, administrative, and operational architecture of the State Bank of India.

This book is intended for the following audience:

• Banking & Finance Professionals – Senior management, compliance officers, and officers of public sector banks seeking statutory clarity on governance, powers, and regulatory obligations of SBI
• Legal Practitioners & Judiciary – Advocates, judges, and legal researchers requiring an authentic Bare Act with interpretative notes and case-law references
• Regulators & Government Officials – Officers in the Ministry of Finance, RBI, and allied regulatory bodies dealing with public sector banking oversight
• Academicians & Students – Law students, MBA (Finance), and banking examination aspirants studying banking law and public financial institutions
• Institutional Libraries & Research Bodies – For maintaining an up-to-date statutory repository on banking legislation

The Present Publication is the 2025 Edition, covering the amended and updated text of the State Bank of India Act [Act No. 23 of 1955], with the following noteworthy features:

• [Authentic Bare Act Text] Presents the complete, unabridged text of the State Bank of India Act 1955, incorporating all amendments notified up to date, including recent changes under the Banking Laws (Amendment) Acts
• [Pre-amendment Provisions] Retains the text of provisions as they stood prior to amendment through detailed amendment footnotes, enabling readers to track legislative evolution and apply the law accurately for past periods
• [Comprehensive Section Notes] Each section is supplemented with concise yet authoritative notes explaining legislative intent, scope, procedural requirements, and compliance implications
• [Case Law References] Select provisions are supported by summaries of significant Supreme Court and High Court judgments interpreting the Act, aiding practical application and litigation readiness
• [Statutory Commentary] Editorial inputs clarify complex provisions relating to capital structure, board composition, regulatory control, service matters, audit, and disciplinary powers
• [User-friendly Structure] A detailed contents table, clearly arranged chapters, schedules, and a comprehensive subject index ensure ease of navigation and quick reference
• [Practical Focus] Includes focused notes on governance mechanisms, shareholder rights, RBI and Central Government oversight, audit and reporting obligations, employee service conditions, and indemnity provisions

The structure of the book is as follows:

• Chapter-wise Arrangement strictly following the statutory framework
• Section Notes are placed immediately after provisions for seamless understanding
• Case-law Digests integrated under relevant sections for applied legal insight
• Schedules reproduced in full, preserving statutory completeness
• Comprehensive Subject Index for efficient research and citation