Under provision of SBI Act, 1955, SBI is managed by

(a) Board consisting of Chairman, Vice Chairman, maximum two Mg. Directors etc. (b) Chairman and Mg. Director are appointed for a period not exceeding 5 years (c) Local Boards are set up where the bank has Local HO (d) Local Boards consists of Chairman and other elected and nominated members

Under provisions of SBI Act 1955, SBI is managed by - The Central Board and it should consist of the following, namely: (a) a chairman and a vice-chairman to be appointed by the Central Government in consultation with the Reserve Bank The chairman and the vice-chairman and each managing director shall hold office for such term, not exceeding five years, as the Central Government may fix when appointing them and shall be eligible for reappointment.  A Local Board is constituted for the new local head office, any person who is, at the time of such constitution or holding office as a member of a Local Board for an existing local head office. Local Board consists of Chairman and other elected and nominated members.