Quick Summary
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.
CAclubindia
Source : https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11973&Mode=0