What changed
The name 'Centurion Bank Limited' was replaced with 'Centurion Bank of Punjab Limited' in the Second Schedule to the RBI Act, 1934. The change took effect from October 17, 2005, and was published in the Gazette of India on December 10, 2005.
What it means for you
This is a routine regulatory update reflecting a bank's name change in the official schedule of scheduled commercial banks. For lenders, it ensures that all statutory references and records align with the new name, avoiding confusion in interbank transactions and regulatory filings.
What you must do
- Update internal systems and records to reflect the new bank name 'Centurion Bank of Punjab Limited'.
- Verify that all correspondences and transactions with this bank use the updated name.
- Inform relevant departments (e.g., treasury, compliance) about the name change for accurate reporting.
Who it affects
All scheduled commercial banks, Centurion Bank of Punjab Limited (formerly Centurion Bank Limited), Regulatory compliance teams
When did the name change take effect?
The name change to Centurion Bank of Punjab Limited was effective from October 17, 2005, as per RBI notification.
Why was this notification issued?
To formally update the Second Schedule to the RBI Act, 1934, reflecting the bank's name change for legal and regulatory consistency.