The State-Associated Banks (Miscellaneous Provisions) Act, 1962
Administered Ministry: Ministry of Finance / Department of Financial Services
Act details
| Short title | The State-Associated Banks (Miscellaneous Provisions) Act, 1962 |
|---|---|
| Long title | An Act further to amend the State Bank of India Act, 1955, the State Bank of India (Subsidiary Banks) Act, 1959, and the Bankers Books Evidence Act, 1891, and to provide for the winding up of certain minor State-associated banks and for matters connected therewith. |
| Act number | 56 of 1962 |
| Act year | 1962 |
| Enactment date | 14 Dec 1962 |
| Ministry | Ministry of Finance / Department of Financial Services |
| Department | Department of Financial Services |
| Jurisdiction | Central (Parliament of India) |
| Sections | 6 |
| Status | Not repealed |
| Last checked on India Code | 4 Nov 2026 |
| Source | India Code, Government of India |
Summary
summary of the State-Associated Banks (Miscellaneous Provisions) Act, 1962
Key Provisions
1. Provisions in Respect of the State Bank Dholpur
• Management Takeover/Winding Up: The Central Government may appoint officers for this purpose.
• Exclusive Jurisdiction: The principal civil court in the district has exclusive jurisdiction over claims and proceedings related to the winding up.
• Evidence and Procedure: Applies the law for winding up banking companies.
• Limitation Period: 12 years from the accrual of the claim or 5 years from the first appointment of the winding-up officer, whichever is later.
Legislative history
Legislative History:
The State-Associated Banks (Miscellaneous Provisions) Act, 1962
● Act Title - The State-Associated Banks (Miscellaneous Provisions) Act, 1962
● Act Number / Year - 56 of 1962
● Act ID (India Code) - 196256
● Presidential Assent Date - December 14, 1962
● Enforcement Date -January 1, 1963
● Nodal Ministry - Ministry of Finance
Precedent & Historical Rationale
● Winding Up and Management Transition of Minor State Banks - Enacted to provide specific statutory procedures for taking over the management, winding up, and distribution of assets of minor princely state-associated banking institutions, such as the Dholpur State Bank (governed by the State Bank, Dholpur Act, 1915).
● Harmonization of Subsidiary Bank Governance Standards - Formulated to make key statutory amendments to the State Bank of India Act, 1955, the State Bank of India (Subsidiary Banks) Act, 1959, and the Bankers' Books Evidence Act, 1891, streamlining name changes, asset management, and evidence admissibility for state-associated banks.
Parliamentary Trajectory & Enactment
● Formulation - Introduced by the Ministry of Finance to resolve administrative, legal, and operational anomalies lingering from the integration of former princely state banks into the SBI subsidiary network.
● Parliamentary Passage - Debated and passed by both Houses of Parliament (Third Lok Sabha and Rajya Sabha) during the November–December 1962 winter session.
● Presidential Assent - Received Presidential Assent on December 14, 1962.
● Enforcement - Enforced on January 1, 1963.
Source - Official Record of Parliament, India Code, and Ministry of Finance.