ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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State Bank of India

Besides a credit of Rs. 5,00,00,000/- received from the Reserve Bank of India during the year, a sum of Rs. 40,21,875/- pertaining to the final dividend for 1967 and a sum of Rs. 30,93.750/on account of the interim dividend declared in Julv 1968 were credited to this Fund. A sum of Rs. 2,23.86,222/was appropriated from this Fund during the year, under the authority of the Reserve Bank of India, in respect of losses for the year 1967 of the new branches established under Section 16(5) of the State Bank of India Act vide item 7(a) of the Profit and Loss Account. A further sum of Rs. 87,38.899/was appropriated from the Fund, with the approval of the Reserve Bank, in respect of the subsidies granted to the Subsidiary Banks towards losses of their new branches, in terms of Section 36(2) (aa) of the Stair Bank of India Act read with Section 48(1) (b) of the State of India (Subsidiary Banks) Act.

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