Section 53(2) in The State Bank Of India (Subsidiary Banks) Act, 1959
(2)A director of a subsidiary bank shall not be responsible for any loss or expense caused to the bank by the insufficiency or deficiency of the value of, or title to, any property or security acquired or taken on behalf of the bank or by the insolvency or wrongful act of any customer or debtor or by anything done in, or relation to, the execution of the duties of his office or otherwise than for his wilful act or default.
