State Bank of India Act, 1955 Preamble 1 - Bare Act

Act Info:

THE STATE BANK OF INDIA ACT, 1955¹

[Act, No. 23 of 1955]

[8th May, 1955]

PREAMBLE

An Act 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

Whereas for the extension of banking facilities, on a large scale, more particularly in the rural and semi-urban areas, and for diverse other public purposes it is expedient to constitute a State Bank for India, and to transfer to it the undertaking of the Imperial Bank of India and to provide for other matters connected therewith or incidental thereto;

Be it enacted by Parliament in the Sixth Year of the Republic of India as follows:

___________________

1. The Act has been extended to Dadra and Nagar Haveli By Reg. 6 of 1963, Section 2 and Schedule I (w.e.f. 1st july 1965); Pondicherry by Reg. 7 of 1963, Section 3 and Schedule I (w.e.f. 1st October, 1963); and Goa., Daman and Diu by Reg. 11 of 1963, Section 3 and Schedule.