Section 35(7) in The State Bank Of India Act, 1955
(7)Any business acquired under this section shall thereafter be carried on by the State Bank in accordance with the provisions of this Act, subject to such exemptions or modifications as the Central Government may, by notification in the Official Gazette, make in this behalf in consultation with the Reserve Bank:Provided that no such exemption or modification shall be made so as to have effect for a period of more than seven years from the date of acquisition.
