Act Info:
(1) A subsidiary bank may accept any subsidies offered by the State Bank to meet--
(a) the cost of the whole or any part of any specific programme of development undertaken by that subsidiary bank with the approval of the State Bank; and
(b) such losses or expenditure as may be approved by the State Bank, with the consent of the Reserve Bank.
(2) For the purposes of the 1[Income tax-Act, 1961], any subsidy received by a subsidiary bank under sub-section (1) shall not be treated us income, profits or gains of the subsidiary bank.
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1. Substituted by the State Bank of India (Subsidiary Banks Laws) Amendment Act, 2007 (Act No. 30 of 2007) for the words and figures "Indian Income-tax Act, 1922"