Section 75 in State Bank of India General Regulations, 1955
75. Manner and form in which contracts binding on the State Bank may be executed.
(1)Contracts on behalf of the State Bank may be as follows : -(i)any contracts which, if made between private persons, would be by law required to be in writing signed by the parties to be charged therewith, may be made on behalf of the State Bank in writing signed by any person acting under its authority express or implied, and may in the same manner be varied or discharged;(ii)any contracts which, if made between private persons, would by law be valid although made by parol only and not reduced to writing may be made by parol on behalf of the State Bank by any person acting under its authority express or implied, and may in the same manner be varied or discharged;(2)All contracts made according to the provisions of this regulation shall be effectual in law, and shall bind the State Bank and all other parties thereto and their legal representatives.
