Section 6, State Bank of India Act, 1955 [S1C-XNS]

As at 7 September 2026. In force from 30 June 1956 by S.O. 845(E) [N11-M77].

In State Bank of India Act, 1955 [A10-EGF]. This text from 30 June 1956. No other text held.

Synthetic. The words of this section are generated by the register; the title, number and year of the Act are real.

Cite: Section 6, State Bank of India Act, 1955 [S1C-XNS]. Machine: S1C-XNS.

6. Grant of licence.—(1) An application for a licence to undertake the business of banking shall be made to the Reserve Bank in Form B, accompanied by a fee of five hundred rupees. (2) The Reserve Bank may, after making such inquiry as it thinks fit, grant the licence subject to such conditions as may be prescribed, or, for reasons to be recorded in writing, refuse to grant the licence. (3) A licence granted under this section shall be valid for a period of three years from the date of its grant and may be renewed in such manner as may be prescribed. (4) The Reserve Bank may, after giving the licensee an opportunity of being heard, suspend or cancel a licence for contravention of any condition thereof.

Defined terms in this text (2)

banking: Section 2, State Bank of India Act, 1955 [S1CXHH] (In this Act, unless the context otherwise requires,—): "banking" means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise

banking: 27 more definitions.

Reserve Bank: Section 2, State Bank of India Act, 1955 [S1CXHH] (In this Act, unless the context otherwise requires,—): "Reserve Bank" means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934)

Reserve Bank: 24 more definitions.

Made under this section, or naming it (0)

none

Cited by (3)

Section 25, State Bank of India Act, 1955 [S1C-Y8A], 15 June 1955, Band A. "section 6".

Section 5, State Bank of India Act, 1955 [S1C-XMV], 15 June 1955, Band A. "section 6".

Rule 5, State Bank of India Act Rules, 1957 [S1E-TPK], 19 December 1957, Band A. "section 6 of the Act".

Not held (0)

none

Duties published under this section (1)

D10-PAA. Every banking company: Obtain a licence before undertaking the business of banking; apply in Form B, fee five hundred rupees; Before the activity begins; licence valid three years; Form B. Published by Department of Financial Services, Ministry of Finance (synthetic record).