Section 61 in State Bank of India General Regulations, 1955
61. Definitions.
- In this chapter, unless the context otherwise requires,(a)"indebtedness to the State Bank " means-(i)the outstandings on loans, where the loans have been disbursed in full;(ii)the maximum amounts of loans sanctioned, where the full amounts may not have been disbursed;(iii)the limits sanctioned for advances of fluctuating accounts even though the actual drawing power may be lower;(iv)the amounts outstanding on account of usance bills discounted for, and demand bills purchased from, the borrower, or the limits sanctioned therefor, whichever may be higher; and(v)the amounts for which liabilities have been accepted by the State Bank and are subsisting under bills accepted or letters of credit issued or guarantees or indemnities given for and on behalf of the borrower, or the limits sanctioned thereof, whichever may be higher, but does not include indebtedness against specified security;(b)"loan or advance" includes credit facilities extended by way of discount of usance bills, purchase of demand bills, acceptance of bills or issue of letters of credit and guarantees or indemnities;(c)"relative" means the person specified in the [Schedule -II] [Substituted for the word 'schedule' by the State Bank of India General (Amendment) Regulations, 2013 (Regulation 27), with effect from 3rd March, 2014, published in the Gazette of India, Extraordinary, Part II. - Section 4, dated04.03.2014.] to these regulations and includes any other person specified by the Central Board from time to time;(d)"specified security" means any one or more of the following securities;(i)stocks, funds and securities (other than immovable property) in which a trustee may invest trust money under any law for the time being in force in India;(ii)receipts, certificates or any other form of instruments issued by the State Bank in evidence of or representing amounts deposited with it; and(iii)any other security that may be specified by the Central Board from time to time as specified security generally or with reference to any particular purpose or category or borrowers;(e)"substantial interest" shall have the same meaning as in clause (ne) of section 5 of the Banking Regulation Act, 1949 (10 of 1949).
