Section 29: Powers and remuneration of managing director

(1) A managing director—

(a) shall be a whole-time officer of the State Bank; ***

(b) subject to the general control of the chairman ***, shall exercise such powers and perform such duties as may be entrusted or delegated to him by the Central Board [; and]

[(c) when authorised by the chairman, shall preside at the meetings of the Central Board in his absence.]

(2) A managing director shall receive such salary and allowances [as may be determined by the Central Government].

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Source: India Code (indiacode.gov.in), the consolidated text published by the Legislative Department, Government of India. Text as updated on India Code on 15 October 2026. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.

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