GK
IMPORTANT ACTS OF THE PARLIAMENT OF INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1955
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1957
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1959
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None of these
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Detailed explanation-1: -[8th May, 1955.] 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.
Detailed explanation-2: -It gives advances and loans to the public. It acts as a trustee, executor, or otherwise, based on the circumstances. It gives the facility of drawings, accepting, buying and selling the bills of exchange and other negotiable instruments. It invests its surplus funds in government securities, railway securities etc.
Detailed explanation-3: -[10th September, 1959.] An Act to provide for the formation of certain Government or Government associated banks as subsidiaries of the State Bank of India and for the constitution, management and control of the subsidiary banks so formed, and for matters connected therewith, or incidental thereto.
Detailed explanation-4: -(3) The State Bank shall have power to acquire and hold property, whether movable or immovable, for the purposes for which it is constituted and to dispose of the same.