Public Sector Bank definition

Public Sector Bank means the State Bank of India constituted under the State Bank of India Act, 1955 or any subsidiary bank as defined in clause (k) of Section 2 of the State Bank of India (Subsidiary Banks) Act, 1959 or any corresponding new bank as defined in clause (b) of Section 2 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 or Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980.

Public Sector Bank means a credit institution that has been set up and is owned by a Member State's central government, regional government or local authorities and whose business model is to primarily provide funding for the local public sector, the regional public sector and providers of services of general economic interest;

Public Sector Bank means a bank referred to in sub-clause (ii), (iii) or (iv) of clause (a);

Examples of Public Sector Bank in a sentence

• For Foreign Seller: The payment will be arranged through Letter of Credit from Reserve Bank of India/State bank of India/ any other Public Sector Bank, as decided by the Buyer, to the Bank of the Foreign Seller as per mutually agreed terms and conditions.

• The Bank Guarantee shall be issued from (a) a Public Sector Bank or (b) a Scheduled Indian Bank.

• The payment will be arranged through Letter of Credit from Reserve Bank of India/State bank of India/any other Public Sector Bank, as decided by the Buyer, to the Bank of the Foreign Seller as per mutually agreed terms and conditions.

• Another sum equivalent to 10% of the value of contract, in the form of an irrevocable and unconditional Bank Guarantee issued by State Bank Of India or any of Its Associate Banks or by any Public Sector Bank in the format prescribed in Appendix-IV which shall be enforceable till six months after the expiry of the contract period.

• Security money – Successful tenderer are required to deposit security money in the form of Bank Draft of any schedule Bank drawn in favour of “BHARAT COKING COAL LIMITED” payable at Dhanbad or in the form of Bank Guarantee of a Public Sector Bank of 10% value of the order(value means F.O.R destination price) within 15 days from the date of receipt of order otherwise supply order shall be cancelled and firm’s performance is to be kept recorded for future dealings with them.

More Definitions of Public Sector Bank

Public Sector Bank means the State Bank of India or its Subsidiaries or a corresponding new bank specified in the First Schedule to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970);

Public Sector Bank means the State Bank of India constituted under the State Bank of India Act, 1955 or any subsidiary bank as defined in clause

Public Sector Bank means State Bank of India, constituted by the State Bank of India Act, 1955, subsidiary Banks constituted under the State Bank of India (Subsidiary

Public Sector Bank means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), a corresponding new Bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980);

Public Sector Bank means State Bank of India, constituted by the State Bank of India Act, 1955, subsidiary banks constituted under the State Bank of India (Subsidiary Banks) Act, 1959, the banks constituted under Section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the banks constituted under Section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. IDBI Bank has since been classified as a Public Sector Bank.

Public Sector Bank. A bank fully or partly owned by the Government.

Public Sector Bank means a scheduled commercial bank in which the Central Government, or one or more State Governments, or the Central Government and one or more State Governments jointly hold not less than fifty-one per cent. of its paid up equity share capital.