State Bank of India (Subsidiary Banks) Act : Authorised capital of new banks. Indian Bare Acts :

State Bank of India (Subsidiary Banks) Act,1959

Act No : 38

Section : Authorised capital of new banks.

6. Authorised capital of new banks.-(1) Subject to the provisions of this Act, the authorised capital of the State Bank of Mysore and the State Bank of Travancore shall be rupees two crores each, and the authorised capital of every other new bank shall be rupees one crore. (2) The authorised capital of every new bank shall be divided into shares of one hundred rupees each. (3) Notwithstanding anything contained in this section, the State Bank may, with the approval of the Reserve Bank, authorise a new bank to increase or reduce its authorised capital: Provided that where the authorised capital is so increased, the shares issued shall be of the denomination specified in sub-section (2).