State Bank of India Act, 1955
29. Powers and remuneration of managing director
(1) A managing director-
(a) shall be a whole-time officer of the State Bank; and
(b) subject to the general control of the chairman and the vice-chairman, shall exercise such powers and perform such duties as may be entrusted or delegated to him by the Central Board.
(2) A managing director shall receive such salary and allowances 74[as may be determined by the Central Government.]