Exclusion of “Andhra Bank” and “Corporation Bank” from the Second Schedule to the Reserve Bank of India Act, 1934 and cessation as banking company

Last updated: 01 October 2020

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The Reserve Bank of India has announced the exclusion of Andhra Bank and Corporation Bank from the Second Schedule of the RBI Act, 1934. This change took effect on April 1, 2020. The exclusion is due to both banks ceasing to operate as banking companies from the same date.

RBI/2020-21/45
DOR.No.Ret.BC.18/12.07.150/2020-21

September 30, 2020

All Banks

Madam/Sir

Exclusion of “Andhra Bank” and “Corporation Bank” from the Second Schedule to the Reserve Bank of India Act, 1934 and cessation as banking company

We advise that “Andhra Bank” and “Corporation Bank” have been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 with effect from April 01, 2020 since they have ceased to carry on banking business with effect from April 01, 2020 vide Notification DOR.No.Ret.BC.55/12.01.001/2019-20 dated March 27, 2020, which is published in the Gazette of India (Part III - Section 4) dated September 26 – October 02, 2020.

Yours faithfully

(Sudhansu Mohan Parida)
General Manager

FAQ :

Andhra Bank and Corporation Bank have been excluded from the Second Schedule to the Reserve Bank of India Act, 1934.

The exclusion took effect from April 1, 2020.

They were excluded because they ceased to carry on banking business from April 1, 2020.

Yes, the cessation as banking companies was notified on March 27, 2020, and published in the Gazette of India dated September 26 – October 02, 2020.

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Notification No : RBI/2020-21/45 DOR.No.Ret.BC.18/12.07.150/2020-21
Published in Community & General
Source : https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11973&Mode=0

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