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.]

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