State Bank of India Act, 1955 · Chapter VI: Business of the State Bank
Section 32: State Bank to act as agent of the Reserve Bank
(1) The State Bank shall, if so required, by the Reserve Bank, act as agent of the Reserve Bank at all places in India where it has a branch *** and where there is no branch of the banking department of the Reserve Bank, for—
(a) paying, receiving, collecting and remitting money, bullion and securities on behalf of any Government in India; and
(b) undertaking and transacting any other business which the Reserve Bank may from time to time entrust to it.
(2) The terms and conditions on which any such agency business shall be carried on by the State Bank on behalf of the Reserve Bank shall be such as may be agreed upon.
(3) If no agreement can be reached on any matter referred to in sub-section (2) or if a dispute arises between the State Bank and the Reserve Bank as to the interpretation of any agreement between them, the matter shall be referred to the Central Government and the decision of the Central Government thereon shall be final.
(4) The State Bank may transact any business or perform any functions entrusted to it under sub-section (1) [by itself ***] or through an agent approved by the Reserve Bank.
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.