Quiz on State Bank of India Act, 1955
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Question 1 of 55
1. Question
What is the primary objective of the State Bank of India Act, 1955?
Correct
The Act was enacted to establish the State Bank of India, transfer the undertaking of the Imperial Bank of India and provide for related matters.
Incorrect
The Act was enacted to establish the State Bank of India, transfer the undertaking of the Imperial Bank of India and provide for related matters.
Unattempted
The Act was enacted to establish the State Bank of India, transfer the undertaking of the Imperial Bank of India and provide for related matters.
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Question 2 of 55
2. Question
What is the Act number of the State Bank of India Act, 1955?
Correct
The State Bank of India Act, 1955 is Act No. 23 of 1955.
Incorrect
The State Bank of India Act, 1955 is Act No. 23 of 1955.
Unattempted
The State Bank of India Act, 1955 is Act No. 23 of 1955.
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Question 3 of 55
3. Question
On which date was the State Bank of India Act, 1955 enacted?
Correct
The Act was enacted on 8 May 1955.
Incorrect
The Act was enacted on 8 May 1955.
Unattempted
The Act was enacted on 8 May 1955.
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Question 4 of 55
4. Question
On which date did the State Bank of India Act, 1955 come into force?
Correct
The Act came into force on 1 July 1955.
Incorrect
The Act came into force on 1 July 1955.
Unattempted
The Act came into force on 1 July 1955.
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Question 5 of 55
5. Question
Which section of the SBI Act, 1955 deals with its short title and commencement?
Correct
Section 1 provides the short title and commencement provisions.
Incorrect
Section 1 provides the short title and commencement provisions.
Unattempted
Section 1 provides the short title and commencement provisions.
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Question 6 of 55
6. Question
Which section of the SBI Act, 1955 contains definitions used in the Act?
Correct
Section 2 defines important terms used throughout the Act.
Incorrect
Section 2 defines important terms used throughout the Act.
Unattempted
Section 2 defines important terms used throughout the Act.
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Question 7 of 55
7. Question
Which section of the SBI Act, 1955 deals with the establishment of the State Bank?
Correct
Section 3 provides for the establishment of the State Bank of India.
Incorrect
Section 3 provides for the establishment of the State Bank of India.
Unattempted
Section 3 provides for the establishment of the State Bank of India.
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Question 8 of 55
8. Question
Which institution‘s undertaking was transferred to the State Bank of India under the SBI Act, 1955?
Correct
The undertaking of the Imperial Bank of India was transferred to SBI under the Act.
Incorrect
The undertaking of the Imperial Bank of India was transferred to SBI under the Act.
Unattempted
The undertaking of the Imperial Bank of India was transferred to SBI under the Act.
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Question 9 of 55
9. Question
Which banking objective is specifically highlighted in the preamble of the SBI Act, 1955?
Correct
The preamble emphasises extending banking facilities on a large scale, particularly in rural and semi-urban areas.
Incorrect
The preamble emphasises extending banking facilities on a large scale, particularly in rural and semi-urban areas.
Unattempted
The preamble emphasises extending banking facilities on a large scale, particularly in rural and semi-urban areas.
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Question 10 of 55
10. Question
Which section of the SBI Act, 1955 deals with authorised capital?
Correct
Section 4 deals with the authorised capital of the State Bank.
Incorrect
Section 4 deals with the authorised capital of the State Bank.
Unattempted
Section 4 deals with the authorised capital of the State Bank.
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Question 11 of 55
11. Question
Which section of the SBI Act, 1955 deals with issued capital?
Correct
Section 5 deals with the issued capital of the State Bank.
Incorrect
Section 5 deals with the issued capital of the State Bank.
Unattempted
Section 5 deals with the issued capital of the State Bank.
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Question 12 of 55
12. Question
Which section deals with the transfer of the Imperial Bank‘s assets and liabilities to SBI?
Correct
Section 6 provides for the transfer of the Imperial Bank‘s assets and liabilities to the State Bank.
Incorrect
Section 6 provides for the transfer of the Imperial Bank‘s assets and liabilities to the State Bank.
Unattempted
Section 6 provides for the transfer of the Imperial Bank‘s assets and liabilities to the State Bank.
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Question 13 of 55
13. Question
Which section deals with the transfer of service of existing Imperial Bank officers and employees to SBI?
Correct
Section 7 addresses the transfer of service of existing officers and employees of the Imperial Bank.
Incorrect
Section 7 addresses the transfer of service of existing officers and employees of the Imperial Bank.
Unattempted
Section 7 addresses the transfer of service of existing officers and employees of the Imperial Bank.
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Question 14 of 55
14. Question
Which section deals with existing provident and other funds of the Imperial Bank?
Correct
Section 8 addresses existing provident and other funds of the Imperial Bank.
Incorrect
Section 8 addresses existing provident and other funds of the Imperial Bank.
Unattempted
Section 8 addresses existing provident and other funds of the Imperial Bank.
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Question 15 of 55
15. Question
Which section deals with compensation to shareholders of the Imperial Bank?
Correct
Section 9 provides for compensation to be given to shareholders of the Imperial Bank.
Incorrect
Section 9 provides for compensation to be given to shareholders of the Imperial Bank.
Unattempted
Section 9 provides for compensation to be given to shareholders of the Imperial Bank.
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Question 16 of 55
16. Question
Which section of the SBI Act deals with transferability of shares?
Correct
Section 10 deals with the transferability of shares of the State Bank.
Incorrect
Section 10 deals with the transferability of shares of the State Bank.
Unattempted
Section 10 deals with the transferability of shares of the State Bank.
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Question 17 of 55
17. Question
Which section provides registered shareholders with the right to nominate?
Correct
Section 10A provides for the right of registered shareholders to nominate.
Incorrect
Section 10A provides for the right of registered shareholders to nominate.
Unattempted
Section 10A provides for the right of registered shareholders to nominate.
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Question 18 of 55
18. Question
Which section of the SBI Act deals with restrictions on voting rights?
Correct
Section 11 deals with restrictions on voting rights.
Incorrect
Section 11 deals with restrictions on voting rights.
Unattempted
Section 11 deals with restrictions on voting rights.
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Question 19 of 55
19. Question
Under which section are SBI shares treated as approved securities?
Correct
Section 12 deals with shares being approved securities.
Incorrect
Section 12 deals with shares being approved securities.
Unattempted
Section 12 deals with shares being approved securities.
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Question 20 of 55
20. Question
Which section deals with the register of shareholders?
Correct
Section 13 provides for the register of shareholders.
Incorrect
Section 13 provides for the register of shareholders.
Unattempted
Section 13 provides for the register of shareholders.
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Question 21 of 55
21. Question
Which section deals with the register of beneficial owners?
Correct
Section 13A provides for the register of beneficial owners.
Incorrect
Section 13A provides for the register of beneficial owners.
Unattempted
Section 13A provides for the register of beneficial owners.
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Question 22 of 55
22. Question
Which section states that trusts are not to be entered on the register of shareholders?
Correct
Section 15 provides that trusts are not to be entered on the register of shareholders.
Incorrect
Section 15 provides that trusts are not to be entered on the register of shareholders.
Unattempted
Section 15 provides that trusts are not to be entered on the register of shareholders.
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Question 23 of 55
23. Question
Which section deals with offices, branches and agencies of SBI?
Correct
Section 16 deals with offices, branches and agencies of the State Bank.
Incorrect
Section 16 deals with offices, branches and agencies of the State Bank.
Unattempted
Section 16 deals with offices, branches and agencies of the State Bank.
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Question 24 of 55
24. Question
Which section of the SBI Act deals with the management of the State Bank?
Correct
Section 17 deals with the management of the State Bank.
Incorrect
Section 17 deals with the management of the State Bank.
Unattempted
Section 17 deals with the management of the State Bank.
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Question 25 of 55
25. Question
Which section requires the Central Board to be guided by directions of the Central Government?
Correct
Section 18 concerns directions of the Central Government to the Central Board.
Incorrect
Section 18 concerns directions of the Central Government to the Central Board.
Unattempted
Section 18 concerns directions of the Central Government to the Central Board.
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Question 26 of 55
26. Question
Which section deals with the composition of the Central Board of SBI?
Correct
Section 19 deals with the composition of the Central Board.
Incorrect
Section 19 deals with the composition of the Central Board.
Unattempted
Section 19 deals with the composition of the Central Board.
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Question 27 of 55
27. Question
Which section deals with qualifications for election of directors elected by shareholders?
Correct
Section 19A deals with qualifications for election of directors elected by shareholders.
Incorrect
Section 19A deals with qualifications for election of directors elected by shareholders.
Unattempted
Section 19A deals with qualifications for election of directors elected by shareholders.
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Question 28 of 55
28. Question
Under which section can the Reserve Bank of India appoint additional directors to the SBI Central Board?
Correct
Section 19B provides the Reserve Bank with the power to appoint additional directors.
Incorrect
Section 19B provides the Reserve Bank with the power to appoint additional directors.
Unattempted
Section 19B provides the Reserve Bank with the power to appoint additional directors.
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Question 29 of 55
29. Question
Which section deals with the term of office of the Chairman, Managing Directors and other specified officeholders?
Correct
Section 20 deals with the term of office of the Chairman, Managing Director and other specified officeholders.
Incorrect
Section 20 deals with the term of office of the Chairman, Managing Director and other specified officeholders.
Unattempted
Section 20 deals with the term of office of the Chairman, Managing Director and other specified officeholders.
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Question 30 of 55
30. Question
Which section of the SBI Act deals with Local Boards?
Correct
Section 21 provides for Local Boards.
Incorrect
Section 21 provides for Local Boards.
Unattempted
Section 21 provides for Local Boards.
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Question 31 of 55
31. Question
Which section specifically deals with the powers of Local Boards?
Correct
Section 21B deals with the powers of Local Boards.
Incorrect
Section 21B deals with the powers of Local Boards.
Unattempted
Section 21B deals with the powers of Local Boards.
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Question 32 of 55
32. Question
Which section deals with disqualifications for directorship of the Central Board or membership of Local Boards and Committees?
Correct
Section 22 specifies disqualifications for directorship and membership of specified SBI bodies.
Incorrect
Section 22 specifies disqualifications for directorship and membership of specified SBI bodies.
Unattempted
Section 22 specifies disqualifications for directorship and membership of specified SBI bodies.
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Question 33 of 55
33. Question
Which section deals with vacation of office by directors and other specified members?
Correct
Section 23 deals with vacation of office by directors and other specified persons covered by the section.
Incorrect
Section 23 deals with vacation of office by directors and other specified persons covered by the section.
Unattempted
Section 23 deals with vacation of office by directors and other specified persons covered by the section.
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Question 34 of 55
34. Question
Which section authorises SBI to appoint officers and other employees?
Correct
Section 43 empowers the State Bank to appoint officers and other employees.
Incorrect
Section 43 empowers the State Bank to appoint officers and other employees.
Unattempted
Section 43 empowers the State Bank to appoint officers and other employees.
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Question 35 of 55
35. Question
Which section of the SBI Act deals with bonus?
Correct
Section 43A deals with bonus.
Incorrect
Section 43A deals with bonus.
Unattempted
Section 43A deals with bonus.
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Question 36 of 55
36. Question
Which section imposes an obligation regarding fidelity and secrecy?
Correct
Section 44 deals with the obligation as to fidelity and secrecy.
Incorrect
Section 44 deals with the obligation as to fidelity and secrecy.
Unattempted
Section 44 deals with the obligation as to fidelity and secrecy.
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Question 37 of 55
37. Question
Which section provides a bar to liquidation of the State Bank?
Correct
Section 45 provides a bar to liquidation of the State Bank.
Incorrect
Section 45 provides a bar to liquidation of the State Bank.
Unattempted
Section 45 provides a bar to liquidation of the State Bank.
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Question 38 of 55
38. Question
Which section deals with indemnity of directors and members of Local Boards and Local Committees?
Correct
Section 46 deals with indemnity for directors and members of Local Boards and Local Committees, as specified in the Act.
Incorrect
Section 46 deals with indemnity for directors and members of Local Boards and Local Committees, as specified in the Act.
Unattempted
Section 46 deals with indemnity for directors and members of Local Boards and Local Committees, as specified in the Act.
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Question 39 of 55
39. Question
Which section provides that defects in appointment or constitution do not invalidate acts or proceedings?
Correct
Section 47 provides that certain defects in appointment or constitution do not invalidate acts or proceedings.
Incorrect
Section 47 provides that certain defects in appointment or constitution do not invalidate acts or proceedings.
Unattempted
Section 47 provides that certain defects in appointment or constitution do not invalidate acts or proceedings.
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Question 40 of 55
40. Question
Which section empowers the Central Government to make rules under the SBI Act?
Correct
Section 49 deals with the power of the Central Government to make rules.
Incorrect
Section 49 deals with the power of the Central Government to make rules.
Unattempted
Section 49 deals with the power of the Central Government to make rules.
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Question 41 of 55
41. Question
Which section empowers the Central Board to make regulations under the SBI Act?
Correct
Section 50 deals with the power of the Central Board to make regulations, subject to the statutory requirements.
Incorrect
Section 50 deals with the power of the Central Board to make regulations, subject to the statutory requirements.
Unattempted
Section 50 deals with the power of the Central Board to make regulations, subject to the statutory requirements.
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Question 42 of 55
42. Question
Which section deals with compliance with requirements of foreign law in certain cases?
Correct
Section 51 deals with requirements of foreign law to be complied with in certain cases.
Incorrect
Section 51 deals with requirements of foreign law to be complied with in certain cases.
Unattempted
Section 51 deals with requirements of foreign law to be complied with in certain cases.
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Question 43 of 55
43. Question
Which section deals with references to the Imperial Bank and certain other banks in other laws?
Correct
Section 56 deals with references to the Imperial Bank, the Bank of Bengal and other specified entities in other laws.
Incorrect
Section 56 deals with references to the Imperial Bank, the Bank of Bengal and other specified entities in other laws.
Unattempted
Section 56 deals with references to the Imperial Bank, the Bank of Bengal and other specified entities in other laws.
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Question 44 of 55
44. Question
Which section deals with the dissolution of the Imperial Bank and related matters?
Correct
Section 57 deals with the dissolution of the Imperial Bank and related matters.
Incorrect
Section 57 deals with the dissolution of the Imperial Bank and related matters.
Unattempted
Section 57 deals with the dissolution of the Imperial Bank and related matters.
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Question 45 of 55
45. Question
Which section provides that no proceeding shall lie in India against the Imperial Bank after the appointed day?
Correct
Section 55 addresses proceedings in India against the Imperial Bank after the appointed day.
Incorrect
Section 55 addresses proceedings in India against the Imperial Bank after the appointed day.
Unattempted
Section 55 addresses proceedings in India against the Imperial Bank after the appointed day.
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Question 46 of 55
46. Question
Under Section 1, who appoints the date on which the SBI Act comes into force?
Correct
Section 1 states that the Central Government appoints the commencement date by notification in the Official Gazette.
Incorrect
Section 1 states that the Central Government appoints the commencement date by notification in the Official Gazette.
Unattempted
Section 1 states that the Central Government appoints the commencement date by notification in the Official Gazette.
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Question 47 of 55
47. Question
Under Section 2 of the SBI Act, what does the term prescribed generally mean?
Correct
Under Section 2, prescribed means prescribed by regulations made under the Act.
Incorrect
Under Section 2, prescribed means prescribed by regulations made under the Act.
Unattempted
Under Section 2, prescribed means prescribed by regulations made under the Act.
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Question 48 of 55
48. Question
Which institution is meant by the term Reserve Bank under Section 2 of the SBI Act?
Correct
The term Reserve Bank refers to the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934.
Incorrect
The term Reserve Bank refers to the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934.
Unattempted
The term Reserve Bank refers to the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934.
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Question 49 of 55
49. Question
Under Section 2, what does the term appointed day mean?
Correct
The appointed day means the date on which the Act comes into force.
Incorrect
The appointed day means the date on which the Act comes into force.
Unattempted
The appointed day means the date on which the Act comes into force.
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Question 50 of 55
50. Question
The State Bank of India Act, 1955 primarily provides the legal framework for which institution?
Correct
The Act establishes and governs the statutory framework of the State Bank of India.
Incorrect
The Act establishes and governs the statutory framework of the State Bank of India.
Unattempted
The Act establishes and governs the statutory framework of the State Bank of India.
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Question 51 of 55
51. Question
Which instrument supplements the SBI Act by setting out detailed rules for the operation of the bank under delegated powers?
Correct
The State Bank of India General Regulations, 1955 supplement the Act and deal with matters prescribed through regulations.
Incorrect
The State Bank of India General Regulations, 1955 supplement the Act and deal with matters prescribed through regulations.
Unattempted
The State Bank of India General Regulations, 1955 supplement the Act and deal with matters prescribed through regulations.
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Question 52 of 55
52. Question
What is the main purpose of maintaining a register of shareholders under Section 13?
Correct
The register records shareholder details in accordance with the Act and applicable regulations.
Incorrect
The register records shareholder details in accordance with the Act and applicable regulations.
Unattempted
The register records shareholder details in accordance with the Act and applicable regulations.
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Question 53 of 55
53. Question
Which statutory obligation is directly associated with Section 44 of the SBI Act?
Correct
Section 44 deals with fidelity and secrecy obligations.
Incorrect
Section 44 deals with fidelity and secrecy obligations.
Unattempted
Section 44 deals with fidelity and secrecy obligations.
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Question 54 of 55
54. Question
Which body is specifically recognised in the SBI Act as the Central Board of Directors?
Correct
The Central Board is the board responsible for the governance arrangements specified under the SBI Act.
Incorrect
The Central Board is the board responsible for the governance arrangements specified under the SBI Act.
Unattempted
The Central Board is the board responsible for the governance arrangements specified under the SBI Act.
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Question 55 of 55
55. Question
For exam preparation, which source should be consulted to verify the current wording of the SBI Act, 1955?
Correct
The latest consolidated official text published on India Code is an appropriate primary source for checking current statutory wording.
Incorrect
The latest consolidated official text published on India Code is an appropriate primary source for checking current statutory wording.
Unattempted
The latest consolidated official text published on India Code is an appropriate primary source for checking current statutory wording.
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