State Bank of India Act, 1955

26. Remuneration of directors

(1) Without prejudice to the provision contained in section 27, 28 and 29, the directors shall be paid such fees and allowances for attending the meeting of the Central Board or of any of its Committees and for attending to any other work of the State Bank as may be prescribed.

(2) Notwithstanding anything contained in sub-section (1), no fees shall be payable to a managing director or any other director who is an officer of the Central Government or the Reserve Bank.