45. Appointment of
Agents.- (1) Unless otherwise directed by the Central
Government with reference to any place, the Bank may, having
regard to public interest, convenience of banking, banking
development and such other factors which in its opinion are
relevant in this regard, appoint the National Bank, or the
State Bank or a corresponding new bank constituted under section
3 of the Banking Companies (Acquisition and Transfer of Undertakings)
Act, 1970, or a corresponding new bank constituted under section
3 of the Banking Companies (Acquisition and Transfer of Undertakings)
Act, 1980, or any subsidiary bank as defined in the State
Bank of India (Subsidiary Banks) Act, 1959, as its agent at
all places, or at any place in India for such purposes as
the Bank may specify.
(2) When any bank is appointed by the Bank as its agent under
subsection (1) to receive on behalf of the Bank any payment
required to be made into the Bank, or any bill, hundies or
other securities required to be delivered into the Bank, under
any law or rule, regulations or other instructions having
the force of law, the same may be paid or delivered into the
bank so appointed as the agent of the Bank.
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