Exclusion of “Oriental Bank of Commerce” and “United Bank of India” 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 (RBI) has officially excluded Oriental Bank of Commerce and United Bank of India from the Second Schedule of the RBI Act, 1934. This exclusion took effect from April 1, 2020, as both banks ceased to operate as banking companies from the same date. This change follows a notification issued on March 27, 2020, and was published in the Gazette of India.

RBI/2020-21/46 DOR.No.Ret.BC.19/12.07.150/2020-21 September 30, 2020 All Banks Madam/Sir Exclusion of Oriental Bank of Commerce and United Bank of India from the Second Schedule to the Reserve Bank of India Act, 1934 and cessation as banking company We advise thatOriental Bank of Commerce and United Bank of Indiahave 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 wit

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FAQ :

Oriental Bank of Commerce and United Bank of India have been excluded.

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 change was published in the Gazette of India on September 26 – October 02, 2020.

Notification No : RBI/2020-21/46 DOR.No.Ret.BC.19/12.07.150/2020-21
Source : https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11974&Mode=0

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