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GOVERNMENT OF INDIA
MINISTRY OF FINANCE
LOK SABHA
UNSTARRED QUESTION NO: 6452
ANSWERED ON:  06.04.2018
State Bank of Sikkim
UDIT RAJ
Will the Minister of



FINANCE be pleased to state:-


(a) whether the Government has initiated action against the State Bank of Sikkim (SBS) for not following the Reserve Bank of India (RBI) guidelines in pursuance of the RBI report in this regard; and

(b) if so, the details thereof?



ANSWER
The Minister of State in the Ministry of Finance


(a) and (b): As per inputs from Reserve Bank of India (RBI), the State Bank of Sikkim (SBS), established in 1968 under a proclamation of the then Chogyal of Sikkim, is outside the purview of Banking Regulation Act, 1949 (BR Act) and is not regulated by RBI as it is not a company defined under the Companies Act, 1956 or under the Companies Act, 2013.

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