state bank of sikkim
because the state bank of sikkim is the banker to the government of sikkim .
state bank of sikkim employees'... vs state of sikkim and ors. on 27 september, 2000
it has a total of 41 branches including head office throughout the state of sikkim. the bank is headquartered in the state capital of sikkim, gangtok .
get details of around 35 state bank of india branches in sikkim with ifsc code and contact details .
is the bank name state bank of saurashtra replaced with state bank of india? does it mean the same when we refer to the state bank of saurasht ...
get details about state bank of india in sikkim along with the location of its around 35 branches in the state. branch details include state bank of india sikkim ifsc code, micr code, location and address of branches etc ...
an act to provide, in the public interest, for the acquisition of certain shares of the state bank of sikkim for the purpose of better consolidation and extension of banking facilities in the state of sikkim and for matters connected therewith or incidental thereto .
state bank of sikkim was established in 1968 under the royal proclamation of chogyal, which is an old law of sikkim protected by article 371f of the constitution of india. it is therefore outside the purview of bank regulation act and reserve bank of india .
shares of state bank of india, punjab national bank, idbi bank, syndicate bank, bank of india, bank of baroda and oriental bank of commerce among others helped psu bank index to rise by over 1% .
the bank is an autonomous body under the government of sikkim. the bank operates within the jurisdiction of the state of sikkim and is responsible to handle the treasury function of the state as well. the branches of the bank are partially computerized through tba modules. the bank is headed by the board of directors and managing director of the bank is the chief executive. constituted in the pre - merger era, today state bank of sikkim has completed more than 47 years of service .
the sikkim state co - operative bank ltd. sonam t shering marg gangtok - 737 101 .
( 1) this act may be called the state bank of sikkim (acquisition of shares) and miscellaneous provisions act, 1982 .
shares of state bank of india, punjab national bank, idbi bank, syndicate bank, bank of india, bank of baroda and oriental bank of commerce among others keep psu bank index on the higher side close to 2% .
sbs is wholly owned undertaking of the government of sikkim and it has been providing uninterrupted trusted service to the people of sikkim for the last five decades. sbs is fully committed to overall economic progress of sikkim .
it doesnt come under as it is doesn' t fall under preview of banking regulation act, 1949 & the companies act, 2013. the reason is that state bank of sikkim was formed in 1968 but sikkim joined union of india in 1975 abd sikkim enjoy special status under article 371f of the constitution of india .
amid shares of axis bank, federal bank, yes bank, punjab national bank, state bank of india and kotak mahindra bank, ban nifty at present is found trading handsomely .
this is applicable only to state government business and the bank branches within the state jurisdiction and that too of public sector banks only .
1. in this schedule ,
shareholder
means any person who, immediately before the appointed day, is registered as the holder of a share in the sikkim bank, other than the state government of sikkim .
provided that the government of. sikkim may extend the said period of three months for the furnishing of such returns .
one of the functions of central banks is to be a banker to the government (i. e. the government having a current account in the central bank). thus, rbi is the banker to the government of india, and the rbi act (1949) allows it to be a banker to the state governments too if those respective governments desire so. all state governments agreed upon to have rbi as their banker, except sikkim, as sikkim already had it' s own central bank - the state bank of sikkim - before it joined the union of india in 1975 as a full - fledged state. thus, the state bank of sikkim remains an autonomous body, not regulated by the reserve bank of india .
12. the cpf rules, 1978, that is, the, state bank of sikkim employees' provident fund rules, 1978 was made under clause 47 (2x1) of the proclamation dated june 24, 1968 by the board of directors of the bank i. e. state bank of sikkim. the board of directors of the bank with previous sanction of the government of sikkim made regulations not inconsistent of the proclamation to provide for the establishment and maintenance of provident fund and other benefits of fund for employees of the bank and the aforesaid cpf rules, 1978 has been made under the provision of clause 47 (2) (1) of the proclamation, i. e. state bank of sikkim proclamation, 1968 and therefore, it has the force of law. it is, therefore, clear that the state bank of sikkim proclamation, 1968 is a state act and it is pre - merger law. under the aforesaid act or law employees of the bank are entitled to the benefit of contributory provident fund etc. in accordance with the rules, i. e. state bank of sikkim employees' provident fund rules, 1978 framed under the state bank of sikkim proclamation dated june 24, 1968 covering such benefit. from the analysis, it also proved that the effective control of the bank lies with the state government of sikkim and therefore, the provision of clause (c) of sub - section (1) of section 16 of epf and mp act, 1952 applies and the provision of clause (b) of sub - section (3) of section 1 is subject to the provision of section 16. since the section 16 (1) (c) applies to the employees of the bank, provision of clause (b) of sub - section (3) of section 1 cannot have any application and therefore, arguments advanced by mr. pawa, learned advocate for respondent no. 4 cannot be accepted .
it has been decided that payment of interest and redemption value of state loans should be made even if payments of the state government concerned are suspended under the overdraft regulation scheme .
34. (2) the rate of dividend shall be determined by the board with the approval of the government of sikkim .
sikkim news: laten sherpa stands with workers of zidos 2 co. pvt. ltd
state government transactions are carried out by rbi in terms of the agreement entered into with the state governments in terms of section 21 a of the act. as of now, such agreements exist between rbi and all the state governments except government of sikkim. thus, the legal provisions vest reserve bank of india with both the right and obligation to function as banker to the government .
on the date of the issue of notification under sub - section (1) of section 6, the sikkim bank shall stand dissolved, and the state bank of sikkim proclamation, 1968, shall stand repealed; and the provisions of section 6 of the general clauses act, 1897, shall apply to such repeal as if the said proclamation were a central act .
links to districts in sikkim where state bank of india has its presence is listed below. click district name to get branch name, ifsc, branch location, address etc of branches .
union home minister rajnath singh has come down heavily on the reserve bank of india (rbi) for “freezing” 52, 000 accounts of the state bank of sikkim (sbs), terming the decision “seemingly unreasonable” and based on “specious ground” .
( 1) the state government in which the undertakings of the sikkim bank have vested under section 6 shall be entitled to exercise all such powers and do all such things as the sikkim bank is authorised to exercise and do in relation to its undertakings .
( 1) on the appointed day, all the shares in the share capital of the state bank of sikkim, other than the shares held by the state government, shall, by virtue of this act, stand transferred to, and shall vest in, the central government .
in the light of discussions in the conference of state finance secretaries held in may, 2001, a high level committee under the chairmanship of shri a. k. sohani, regional director, reserve bank of india, was constituted to examine, review and suggest changes in the existing accounting and reporting mechanisms for state government transactions with reserve bank and its agency banks, and to suggest methodology for reconciliation of pending discrepancies in accounts with an acceptable system of confirmation of balances. members of the working group were drawn from the office of comptroller and auditor general of india, office of the controller general of accounts, finance departments of a few state governments and accountants general offices besides officials from reserve bank of india and state bank of india .
( b) the government of sikkim may caution or prohibit the bank against entering into any particular transaction or class of transactions and generally give advice to the bank .
31. (1) the government of sikkim may request the reserve bank of india to cause an inspection to be made, by one or more of its officers, of the bank and its books and accounts .
where the bank proposed by the state government is not already accredited to handle the cash business of the state government concerned, such proposals should be referred to dgba, co, with full particulars. subsequent authorization of branches of the bank once accredited may be done by regional office concerned. list of banks presently accredited to conduct state government business (state - wise) is given in the annexure .
the reserve bank of india acts as a banker to the central and state governments in terms of the provisions of sections 20, 21 and 21 a of the reserve bank of india act, 1934. the reserve bank carries out the general banking business of the governments through its own offices and branches of public sector banks viz. , state bank of india, its associates and nationalised banks and four private sector banks viz. icici bank ltd. , hdfc bank ltd. , idbi bank ltd. and uti bank ltd. the business of state government is done by the rbi and agency banks by means of an agreement entered into between the state governments, rbi and agency banks. dgba has issued eleven circulars in connection with the conduct of state government business by the agency banks .
the bihar state co - operative bank ltd. ashok rajpath patna - 800 004 .
the manipur state co - operative bank ltd. assembly road imphal - 795 001 .
( 1) on the vesting of the undertakings of the sikkim bank in the state government under section 6, every person in whose possession or custody or under whose control any property referred to in sub - section (1) of section 5 may be, shall deliver the property to the state government forthwith .
( 2) any person, who, on the appointed day, has in his possession or under his control any books, documents or other papers relating to the undertakings of the sikkim bank which have vested in the state government under section 6 and which belong to that bank, or would have so belonged if the undertakings of the sikkim bank had not vested in the state government, shall be liable to account for the said books, documents or other papers to the state government and shall deliver them up to the state government .
( 1) notwithstanding anything contained in sections 3, 4 and 5, the central government shall, as soon as may be, after the commencement of this act, direct, by notification, that the shares of the sikkim bank which have vested in the central government under section 3 and the undertakings of the sikkim bank which have vested in the central government under section 4 shall, instead of continuing to vest in the central government, vest in the state government of sikkim, on the date of the notification .
singh pointed out that the sbs enjoys protection under article 371 f of the constitution of india, which provides for special provisions for sikkim .
13. in view of the position of law as discussed, i declare that the cpf. i. e. contributory provident fund accounts of the bank i. e. state. bank of sikkim shall be governed by the provisions of the cpf rules, 1978 i. e. the state bank of sikkim employees provident fund rules, 1978 and not by the provisions of epf and mp act, 1952 i. e. employees' provident funds and miscellaneous provisions act, 1952 and various schemes made thereunder and therefore the cpf accounts of the employees of the bank shall not be transferred to the central provident fund authorities under the epf and mp act, 1952 .
( 4) the officer making the inspection shall report to the government of sikkim and any inspection made under this section and a copy of the inspection report shall also be furnished to the bank by such officer and the government of sikkim may direct the bank to take such steps as it may deem necessary in the light of the findings of the inspection .
9. (a) a chairman and two directors to be nominated by the government of sikkim .
the state bank of sikkim proclamation, 1968 is a law. clause (1) of article 371 - f provides that for the purpose of facilitating the application of any such law as is referred to in clause (k) in relation to the administration of the state of sikkim and for the purpose of bringing the provisions of any such law into accord with the provisions of the constitution, the president may, within two years from the appointed day, by order, make such adaptations and modifications of law, whether by way of repeal or amendment, as may be necessary or expedient. the period of two years has already expired and only one order has been made by the president in exercise of the powers conferred by the said clause, being the adaptation of sikkim laws (no. 1) order, 1975 which has, however, been amended by another order made by the president dated september 13, 1975, being the adaptation of sikkim law (no. 1) amendment order, 1975. in the adaptation of sikkim laws (no. 1) order, 1975 ,
existing law
means any law in force immediately before the appointed day in the whole or any part of the territories comprised in the state of sikkim and
law
in the aforesaid order includes any enactment, proclamation, regulation, rule, notification or other instrument having, immediately before the appointed day, the force of law in the whole or any part of the territory now comprised in the state of sikkim. paragraph 3 of the order provides as under: - -
on the appointed day, the undertakings of the sikkim bank shall, by virtue of this act, stand transferred to, and shall vest in, the central government .
the candidates interested in these posts are required to apply at the official website urltoken and send the printout of the online application form, along with the bank demand draft to the' office of the assistant general manager (adm .), state bank of sikkim, gangtok, head office' .
overdraft regulations scheme - repayment of state development loans / interest payment during the period of suspension - payment of interest and redemption value man be paid during the imposition period .
the gujarat state co - operative bank ltd. sahakar bhavan tilak road ahmedabad - 380 001 .
the orissa state co - operative bank ltd. pandit jawaharlal nehru marg bhubaneswar - 751 001 .
28. (1) the bank shall, before the close of the month succeeding that to which it relates, submit to the authority designated by the government of sikkim a return in the prescribed form and manner showing its assets and liabilities in sikkim as at the close of business on the last friday of every month or if that friday is a public holiday in sikkim, at the close of business on the preceding working day .
the state bank of sikkim, gangtok has released an employment notification, inviting interested and eligible candidates to apply for the positions of junior accounts assistants on temporary regular basis. the selected candidates shall be posted at remote places of south, west and north districts. no transfer request shall be entertained before completion of five years .
on and from the appointed day, any reference to sikkim bank in any law (other than this act or the state bank of sikkim proclamation, 1968) or in any contract or other instrument shall, except as otherwise provided in any general or special order made by the central government, be deemed to be a reference to the co - operative bank .
the himachal pradesh state co - operative bank ltd. no. 1, bank building, 2nd floor shimla - 171 001 .
( 2) where the shares and the undertakings of the sikkim bank vest in the state government under sub - section (1), the state government shall, on and from the date of such vesting, be deemed to have become the owner in relation to such shares and undertakings and all the rights and liabilities of the central government in relation to such shares and undertakings shall, on and from the date of such vesting, be deemed to have become the rights and liabilities, respectively, of the state government .
the home minister’s intervention came in response to sikkim chief minister pawan chamling’s letter to him .
“sikkim is a politically sensitive state and the last message that needs to be given to them is that they are not at par with indian citizens, ” he added .
( 6) where the managing director of the sikkim bank has, after the 16th day of november, 1976 and before the appointed day, been paid any sum by way of compensation or gratuity, the co - operative bank shall be entitled to claim refund of any sum so paid if the payment is not confirmed by the state government by general or special order .
( c) the bank may, for the purpose of acting as agent of the government of sikkim, as provided in clause (a) appoint, on such terms and conditions as may be agreed upon, messrs. jetmull bhojraj as its agent, at any place in sikkim where the bank does not have a branch and where there is an office of messrs. jetmull bhojraj .
1. by filing this writ petition, the petitioners have inter alia prayed for a writ or order or direction or declaration that the contributory provident fund (in short cpf) accounts of the employees of state bank of sikkim (in short the bank) shall not be transferred to the central provident fund authorities under the employees' provident funds and miscellaneous provisions act, 1952 (hereinafter referred to as epf and mp act, 1952) and a writ or order for direction or declaration that cpf accounts of the employees of the bank shall be governed by provisions of the state bank of sikkim employees' provident fund rules, 1978 (cpf rules, 1978) and not by the provisions of epf and mp act, 1952 and various schemes made thereunder .
( 2) the government of sikkim may at any. time direct the bank to furnish it or the authority designated by it within such time as may be specified by it with such statements and information relating to the business of affairs of the bank (including any business or affairs with which such bank is concerned) as the government of sikkim may consider necessary or expedient to obtain for the purposes of this proclamation, and without prejudice to the generality of. the foregoing power may call for information every half year regarding the investments of the bank and the classification of its advances in respect of industry, commerce and agriculture .
( 2) the general superintendence, direction, control and management of the affairs and business of the undertakings of the sikkim bank which have vested under section 4 in the central government and under section 6 in the state government shall, where a direction has been made by the state government under sub - section (1) of section 7, vest in the co - operative bank specified in such direction, and, thereupon, the co - operative bank shall be entitled to exercise all such powers and do all such things as the sikkim bank is authorised to exercise and do in relation to its undertakings .
there should be a specific proposal from state government to handover treasury / sub - treasury cash business to the branch of a agency bank accredited to handle state government business. such proposals should be supported with information as per
annexure
the delhi state co - operative bank ltd. 31, netaji subhash marg daryaganj new delhi - 110 002 .
the west bengal state co - operative bank ltd. 24 - a, waterloo street kolkata - 700 069 .
27 - a. (2) the bank shall within one month from the end of every quarter submit to the government of sikkim a return in the prescribed form and manner of the assets and liabilities referred to in sub - section (1) as at the close of business on the last friday of the previous quarter or, if that friday is a public holiday in sikkim, at the close of business on the preceding working day .
the chairman state bank of india, central office chairman' s secretariat, p. b. no. 12, nariman point mumbai - 400 021 .
rbi wants state bank of sikkim under banking regulation act. to satisfy the demands of high - rise favourites of bengali audiences, zee 24 ghanta brings all the latest headlines and news stories. connect with us at our social media handles: watch live: urltoken download app: urltoken facebook: urltoken twitter: urltoken google plus: urltoken
32. (6) the government of sikkim may at any time issue directions to the auditor requiring him to report it upon the adequacy of measures taken by the bank for the protection of its shareholders, depositors and other creditors or upon the sufficiency of the procedure in auditing the affairs of the bank, and may at any time enlarge or extend the scope of the audit or direct that a different procedure in audit be adopted and direct that any other examination be made by the auditor if the government of sikkim so desires .
in future, the accountant general may give confirmation to the central accounts section (cas), nagpur on item - wise cash balance during the month within fifteen days of the reporting of the balances by the cas. apart from the monthly reconciliation, there should be a system of confirmation of annual cash balance of state within two months from date of receipt of figures .
the proposals from state governments for entrusting state government cash business at the treasuries / sub - treasuries to agency bank branches, are considered by central office at present. with a view to bringing about better co - ordination between rbi offices and state governments, it has since been decided to delegate powers to the regional offices to permit accredited agency banks branches for the conduct of state government cash business subject to certain conditions .
( 1) the undertakings of the sikkim bank shall be deemed to include all assets, rights, powers, authorities and privileges, and all property, movable and immovable, cash balances, reserve funds, investments and all other rights and interests in, or arising out of, such property as were immediately before the appointed day in the ownership, possession, power or control of the sikkim bank in relation to its undertakings, and all books of account, registers, records and all other documents of whatever nature relating thereto and shall also be deemed to include all borrowings, liabilities and obligations of whatever kind then subsisting of the sikkim bank in relation to its undertakings .
the uttarakhand state co - operative bank ltd. head office - kaladhungi road near mukhani chauraha haldwani district nainital uttarakhand 263139
14. (1) if the chairman is rendered in capital of discharging his duties by reason of infirmity or otherwise or is absent in circumstances not involving the vacation of his office, the government of sikkim may nominate another person to officiate in such vacancy .
( 1) no suit, prosecution or other legal proceeding shall lie against the central government or any officer of that government or the state government, or the co - operative bank or any officer of the state government or the co - operative bank or other person authorised by the central government or the state government or the co - operative bank, for anything which is in good faith done or intended to be done under this act .
the haryana state co - opertive apex bank ltd. bank square sector 17 - b p. b. no. 7 chandigarh - 160 017 .
( 2) unless otherwise expressly provided in this act, all contracts, deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature subsisting or having effect immediately before the appointed day and to which the sikkim bank is a party or which are in favour of the said bank shall be of as full force and effect against or in favour of the central government .
( 2) no suit or other legal proceeding shall lie against the central government or any officer or other employee of that government or the state government or the co - operative bank or any officer or other employee of the state government or of the co - operative bank or other person authorised by the state government or the co - operative bank, for any damage caused or likely to be caused by anything which is in good faith done or intended to be done under this act .
3. the petitioners stated that the provisions of the epf and mp act, 1952 and the schemes made thereunder are not applicable in the case of the employees of the bank in view of the provisions of section 16 of the said act. the bank is an establishment set up under the proclamation, which is a law protected by article 371 - f (k) of the constitution of india and it is an act of the state. the cpf rules, 1978 is made under the said proclamation and as such, under section 16 of the act of 1952, the employees of the bank are not covered under the epf and mp act, 1952 and the schemes made thereunder .
( 2) where the undertakings of the sikkim bank vest in the co - operative bank under sub - section (1), that bank shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings, and all the rights and liabilities of the central government or the state government in relation to such undertakings shall, on and from the date of such vesting, be deemed to have become the rights and liabilities, respectively, of the co - operative bank .
the jammu and kashmir state co - operative bank ltd. bhagat barzulla chowk bagat new airport road srinagar - 190 005 .
19. (1) (a) the bank shall, if so required by the government of sikkim, act as agent of the government, accept moneys on account of the government and, make payments up to the amount standing to the credit of government' s account and carry out government remittances and other banking pperations, including the management of the public debt of the government .
further, these four banks are required to remit their government collections to cas, nagpur within 3 days (inclusive of holidays) of realization of cheques etc. the collection of the banks is governed by the instructions contained in the
memorandum of instructions - accounting and reconciliation - state government transactions
issued by reserve bank of india under cover of its circular dgba. gad. no. 1377 / 31. 04. 008 / 2002 - 03 dated february 22, 2003, and procedures laid down by accountant general. all state governments have been advised that if they so desire they can choose any or all the four banks for conduct of the state government' s business including disbursement of pension .
47. (1) the board may, with the previous sanction of the government of sikkim, make regulations not inconsistent with this proclamation to provide for all matters for which provision is necessary or expedient for the purpose of giving effect to the provisions of this proclamation .
( 3) if, on the appointed day, any suit, appeal or other proceeding of whatever nature in relation to any business of the undertakings which have been transferred under section 4 is pending by or against the sikkim bank, the same shall not abate, be discontinued, or be in any way prejudicially affected by reason of the transfer of the undertakings of the sikkim bank or of anything contained in this act, but the suit, appeal or other proceeding may be continued, prosecuted or enforced by or against the central government .
in case of loss of original token, on a specific request and on payment of prescribed fees, the receipted challan is issued .
45 (42 branch offices, 3 (24x7) revenue counters and 1 head office) within sikkim only .
( b) dividends calculated at a rate to be specified by the central government in respect of any period immediately preceding the appointed day for which the sikkim bank had not declared any dividend .
the customer of the banks can avail facilities like any branch banking, e - transfer of funds to anywhere of the country, etc .
the nagaland state co - operative bank ltd. p. b. no. 151 head office - dimapur dimapur - 797 112 .
the maharashtra state co - operative bank ltd. sir vithaldas thakersey memorial building 9, maharashtra chamber of commerce lane p. b. no. 472 fort mumbai - 400 023 .
( 3) if on examination of any return submitted under sub - section (2) it appears to the government of sikkim that any loans or advances referred to in that sub - section are being granted to be determined in the interest of the depositors of the bank the government of sikkim may, by order in writing, prohibit the bank from granting any such further loans or advances or impose such restrictions on the grant thereof as it thinks fit, and may by like order direct the bank to secure the repayment of any such loans or advances within such time as may be specified in the order .
2. for every share in the share capital of the sikkim bank which, by reason of this act, is transferred to and vested in the central government, the central government shall pay to every holder thereof in the manner specified in paragraph 3 of this schedule an amount calculated at the rate of rupees fifty - five per share .
( iii) as respects banks doing business in one state or union territory and having no departments or branches outside that state or union territory covered by the notification of the government of india in the department of security no. g. s. r. 2, dated december 18, 1965, come into force on january 31, 1965 ;
( 5) any person holding office as managing director of the sikkim bank immediately before the appointed day shall be deemed to have vacated his office as such on the appointed day and, notwithstanding anything contained in this act or in any other law for the time being in force or in any agreement or contract, he shall not be entitled to any amount from the sikkim bank, state government, or the co - operative bank for the loss of office or for the premature termination of any agreement or contract relating to his employment, except such pension, amount or other benefit which the co - operative bank may grant to him, having regard to what that person would have received as an officer of the sikkim bank if this act had not been passed and if he had retired from his employment in the ordinary course .
according to mr. wangdi, therefore, there is no denying that the bank herein is an establishment as contemplated under section 16 of the epf and mp act, 1952 and the state bank of sikkim can also be held to be an
establishment
belonging to the government (sic) or under the control of the central government or a state government as provided under section 16 (1) (b) of the act. mr. wangdi has made reference to the first proviso to clause 4 (1), clauses 9 (a), 10 (1), 13 (1), 14 (1), 19, 23 (ii), 27 (a) (2), 28, 29, 30 (1), 31 (1) 31 (4), 31 (a), 32 (6), 33, 34 (2), 43 and 47 (1) of the proclamation and submits that all these provisions would show that the bank herein is an establishment belonging to or under the control of the bank. mr. wangdi argues that the power to make rules or regulations and to administer or to enforce being one of the elements of authorities contemplated for the purpose of article 12 of the constitution, the bank herein is also a state being an instrumentality of state action. it has been held in the case of sukhdev singh v. bhagatram sardar singh reghuvanshi, reported in air 1975 sc 1331: 1975 (1) scc 421: 1975 - i - llj - 399, that the expression' other authorities' in article 12 is wide enough to include within it every authority created by statute and functioning within the territory of india, or under the control of the government of india. the expression' other authorities' will include all constitutional or statutory authorities on whom powers are conferred by law. wangdi argues that since the bank herein functions under a statute that is, under the proclamation, its action constitutes state action, an inference that the corporation is run under the authority of the state can be clearly drawn. from the reading of various clauses of the proclamation it can be reasonably concluded that the business of the bank has been carried on directly under the direction of the state government. according to mr. wangdi, section 16 is an exception to the other provisions, which can be clearly made out from the reading of sub - section (4) of section 1 of the act and therefore, provisions of epf and mp act, 1952 cannot be made applicable to the state bank of sikkim .
state bank collect is a unique service for paying online to educational institutions, temples, charities and / or any other corporates / institutions who maintain their accounts with the bank .
( 1) for the transfer to, and vesting in, the central government, of the shares of the sikkim bank under section 3, there shall be given by the central government to the holders of such shares in cash and in the manner specified in the schedule, an amount of rupees eight lakhs twelve thousand two hundred and ninety - five .
3. every person who is registered as the holder of a share in the sikkim bank on the appointed day and whose shares have been acquired under the provisions of this act shall, for every such share so held by him, be paid an amount calculated at the rate specified in paragraph 2 by cheque drawn on the reserve bank of india .
( 1) notwithstanding anything contained in sections 4, 5 and 6, the state government may, if it is satisfied that the co - operative bank is willing to comply, or has complied, with such terms and conditions as that government may think fit to impose, including the terms and conditions regarding allotment of its shares, direct, by notification, that the undertakings of the sikkim bank which have vested in the central government under section 4 and thereafter in the state government under section 6, shall, instead of continuing to vest in the state government, vest in the co - operative bank either on the date of the notification or on such earlier or later date (not being a date earlier than the appointed day) as may be specified in the notification .
10. (1) the chairman shall hold office for such terms as the government of sikkim may fix when nominating him and shall be eligible for re - nomination .
the chandigarh state co - operative bank ltd. s. c. o. 1088 - 89 sector - 22 - b chandigarh - 160 022 .
the goa state co - operative bank ltd. dayanand smriti building swami vivekanand road, p. b. no. 183 panaji - 403 001 .
the chairman united bank of india 16, old court house street kolkata - 700 001 .
3. whenever an expression mentioned in column 1 of the table hereunder occurs (otherwise than in a title or preamble or in a citation or description of an enactment) in an existing law then, in the application of that law in relation to the administration of the state of sikkim, or, as the case may be, to any part thereof, unless the context otherwise requires, there shall be substituted therefore the expression set opposite to it in column 2 of the said table and there shall also be made in any sentence in which that expression occurs such consequential amendments as the rules of grammar may require .
the andaman and nicobar state co - operative bank ltd. p. b. no. 289 8, maulana azad road port blair - 744 101 .
the karnataka state co - operative apex bank ltd. no. 1, pampamahakavi road chamrajpeth p. b. no. 1854 bangalore - 560 018 .
( 4) notwithstanding anything contained in the industrial disputes act, 1947, or in any other law for the time being in force, the transfer of the services of any officer or other employee of the sikkim bank to the state government or the co - operative bank shall not entitle such officer or other employee to any compensation under that act or under any other law for the time being in force and no such claim shall be entertained by any court, tribunal or other authority .
arrangements may be made in consultation with bankers to both these states (sikkim and jammu & kashmir) to ensure that payments to them are made by ministry of finance, government of india, through ecs / eft. new delhi office of rbi may examine this issue in consultation with government department .
rbi has authorised four private sector banks viz. icici bank ltd. , uti bank ltd. , idbi bank ltd. and hdfc bank ltd. for conduct of government business including state government business such as revenue collections, pension payments, expenditure related functions in respect of all central government ministries / departments. the authorization is subject to banks continuing to maintain certain critical financial parameters on an on - going basis. the effective date for commencement of collection of direct taxes and pension disbursement work for government of india is october 1, 2003 .
the accredited banks are paid remuneration by rbi for conduct of state / central government transactions. such remuneration is called agency commission. the rates of agency commission applicable at present (from july 1, 2012) are as under :
the punjab state co - operative bank ltd. s. c. o. no. 175 - 187 sector - 34 - a chandigarh - 160 022 .
in terms of section 20 of the rbi act 1934, rbi has the obligation to undertake the receipts and payments of the central government and to carry out the exchange, remittance and other banking operations, including the management of the public debt of the union. further, as per section 21 of the said act, rbi has the right to transact government business of the union in india .
the chairman bank of india, head office express towers, nariman point mumbai - 400 021 .
( c) when the government of sikkim is satisfied that it is necessary or expedient in public interest so to do, it may direct the bank not to carry out or comply with any resolution passed by its board and the bank shall comply with the such direction .
reserve bank of india maintains the principal accounts of central as well as state governments at its central accounts section, nagpur. it has put in place a well structured arrangement for revenue collection as well as payments on behalf of government across the country. a network comprising the government banking divisions of rbi and branches of agency banks appointed under section 45 of the rbi act carry out the government transactions. at present all the public sector banks and select private sector banks act as rbi' s agents. only designated branches of agency banks can conduct government banking business .
( 3) the state government may take, or cause to be taken, all necessary steps for securing possession of all properties which have vested in that government under this act .
the arunachal pradesh state co - operative apex bank ltd. p. o. & t. naharlagun
d
sector district - subansiri naharlagun - 791 110 .
provided that no such order shall be made after the expiry of a period of two years from the appointed day .
the chairman central bank of india, central office chander mukhi, nariman point mumbai - 400 021 .
the kerala state co - operative bank ltd .
cobank towers
p. o. vikas bhavan palayam p. b. no. 6514 thiruvananthapuram - 695 033 .
the tamil nadu state apex co - operative bank ltd. 233, n. s. c. bose road p. b. no. 226 chennai - 600 001 .
the pondichery state co - opertive bank ltd. p. b. no. 34, no. 288 amudhasurabhi building first floor m. g. road pondicherry - 605 001 .
and shall hold his office or service under the state government or the co - operative bank, as the case may be, with the same rights and privileges as to pension, gratuity and other matters as would have been admissible to him if there had been no such vesting and shall continue to do so unless and until his employment under the state government or the co - operative bank, as the case may be, is duly terminated or until his remuneration and other conditions of service are duly altered by the state government, or by the co - operative bank, as the case may be .
some of the offices of the bank have fixed a limit for acceptance of cash over the counter towards payment of taxes and other dues to government. the matter has been reviewed in consultation with our legal department who have examined the issue in totality and opined that keeping in view the provision of section 40 a (3 of the income tax - act 1961 read with rule 6 dd of the income tax rules, 1962, limiting acceptance of cash tendered over the counter together with the challans for credit to the government account would run counter to the statutory provisions, which requires cash tendered by members of public to be accepted by reserve bank without any cap .
system needs to be put in place to ensure that the scrolls in respect of ministry of defence are sent promptly and correctly .
the accredited bank should be willing to take over cash business of the treasury / sub - treasury concerned. for this purpose, the matter may be taken up with the government accounts department of the agency bank concerned .
31 - a. (a) where the government of sikkim is satisfied that it is necessary or expedient in the public interest or in the interest of depositors so to do, it may determine the policy in relation to advances to be followed by the bank when the policy has been so determined, the bank shall be bound to follow the policy as so determined .
the rajasthan state co - operative bank ltd. nehru bazar p. b. no. 86 g. p. o. , m. i. road jaipur - 302 003 .
the reserve bank of india has been issuing various instructions relating to reserve bank' s role as banker to state government from time to time. in order to enable the banks to have all the currently operative instructions on the subject at one place, a master circular has been prepared which is enclosed .
guide: - click to refresh corresponding list field disabled / not selected please look for the correct name of the bank, e. g .
federal bank
is actually
the federal bank .
the tripura state co - operative bank ltd. p. b. no. 27 post office chowmohani amulya market 2nd floor mantribari road, p. o. agartala agartala - 799 001 .
all agency bank branches handling government business on one side and treasuries on the other should move towards centralized maintenance of accounts and processing. accounting when centralized, reduces cost of operations, ensures availability of up - to - date information and improves management, paving the way for uniformity in standards. the concerned functionaries should gradually move towards the centralized system of maintenance of accounts and processing .
these states do not have an account with reserve bank of india; the payments to be made by the ministry of finance, government of india and other departments are through demand drafts. it should be possible to make such payments through ecs / eft
the chairman union bank of india, union bank building central office, 239, backbay reclamation post box no. 93a, nariman point, mumbai - 400 021 .
cas may extend the time limit now allowed for settlement of funds by link cells of agency banks at nagpur upto 2. 30 p. m. from existing limit of 12. 30 p. m .
25. that the petitioners have already stated in the foregoing paragraphs about the benefits drawn by them under the cpf rules, 1978 framed by the bank. the petitioners state that they are getting more facilities under the provident fund rules, 1978 framed by the bank. further, the state government has already assured the petitioners to give benefits of pension. they are already getting gratuity, which is not available under the epf act, 1952. the employees shall get more than rs. 35, 000 / - which is given against deposit linked scheme under the cpf act, 1952. the contribution of the bank towards the cpf account is also in higher side. moreover, the state bank authorities shall not claim any service charge from the account of the employees whereas service charge is claimed by the central provident fund authorities. there are other benefits under the provident fund rules of the bank which are not available with the central provident fund scheme, 1952.
state bank of sikkim ( sbs ) is a state owned banking institution headquartered at gangtok , sikkim , india . the bank operates within the jurisdiction of the state of sikkim and in addition to banking services , state bank of sikkim handles treasury functions of state government of sikkim . the state bank of sikkim has completed 48 years ( 2015-2016 ) of existence during which it has continually worked in partnership with development projects in the state . an autonomous body under the government of sikkim , it is not regulated by reserve bank of india unlike other banks in india . however , the report of the comptroller and auditor general of india for the year ended march 2012 has recorded that the performance of state bank of sikkim generated 86 percent of the total profit earned by the state owned psus during the year . 
state bank of sikkim (sbs) is a state owned banking institution headquartered at gangtok, sikkim, india. the bank operates within the jurisdiction of the state of sikkim and in addition to banking services, state bank of sikkim handles treasury functions of state government of sikkim. the state bank of sikkim has completed 48 years (2015-2016) of existence during which it has continually worked in partnership with development projects in the state. an autonomous body under the government of sikkim, it is not regulated by reserve bank of india unlike other banks in india. however, the report of the comptroller and auditor general of india for the year ended march 2012 has recorded that the performance of state bank of sikkim generated 86 percent of the total profit earned by the state owned psus during the year.
state bank of sikkim (sbs) is a state owned banking institution headquartered at gangtok, sikkim, india. the bank operates within the jurisdiction of the state of sikkim and in addition to banking services, state bank of sikkim handles treasury functions of state government of sikkim. the state bank of sikkim has completed 48 years (2015-2016) of existence during which it has continually worked in partnership with development projects in the state. an autonomous body under the government of sikkim, it is not regulated by reserve bank of india unlike other banks in india. however, the report of the comptroller and auditor general of india for the year ended march 2012 has recorded that the performance of state bank of sikkim generated 86 percent of the total profit earned by the state owned psus during the year.