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IDBI Bank Name Change in RBI Second Schedule

Current · Source: Reserve Bank of India · RBI/2008-09/159 · issued 08 Sep 2008 · ~1 min read
Quick answerRBI notified that Industrial Development Bank of India Limited's name in the Second Schedule was changed to IDBI Bank Limited, effective May 7, 2008, via a prior notification published in the Gazette of India.
The rule, in the simplest words
How it plays out — a real example

A treasury officer at a commercial bank notices that the interbank settlement system still lists the old name. She updates the account details to "IDBI Bank Limited" and sends a quick memo to the compliance team, ensuring all future transactions use the correct name.

What changed

The name of the bank listed in the Second Schedule to the RBI Act, 1934 was officially altered from 'Industrial Development Bank of India Limited' to 'IDBI Bank Limited'. This change took effect from May 7, 2008, and was formalized through a notification dated May 16, 2008, published in the Gazette of India on June 14, 2008.

What it means for you

For banks and lenders, this is a routine administrative update reflecting the renaming of a scheduled bank. It ensures all regulatory references and statutory records align with the new legal name, which is important for interbank transactions, reporting, and compliance. No operational or policy changes are required beyond updating internal records.

What you must do

Who it affects

All scheduled commercial banks in India, Treasury and operations teams handling interbank transactions with IDBI Bank, Compliance and legal teams maintaining regulatory records

❓ Common questions

Regulatory timeline

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

When did the name change become effective?

The change was effective from May 7, 2008, as per the RBI notification.

Do I need to take any action for existing contracts with IDBI Bank?

Yes, update any contracts or references that use the old name 'Industrial Development Bank of India Limited' to the new name 'IDBI Bank Limited' to ensure legal accuracy.

📜 Read the original circular — full text as issued by RBI
RBI/2008-09/159 DBOD.No.Ret. BC.40/12.01.001/2008-09 September 8, 2008 Bhadra 17, 1930 (S) All Scheduled Commercial Banks Dear Sir, Alteration in the name of Bank in the Second Schedule to the Reserve Bank of India Act, 1934 –" Industrial Development Bank of India Limited to IDBI Bank Limited". We advise that the name of "Industrial Development Bank of India Limited" has been changed to "IDBI Bank Limited" in the Second Schedule to the Reserve Bank of India Act, 1934 with effect from May 7, 2008 by notification DBOD.BP.BC.No.21.01.002/2007-08 dated May 16, 2008, published in the Gazette of India (Part III-Section 4) dated June 14, 2008. Yours faithfully, (A. K. Singh) Deputy General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2008-09/159 · issued 08 Sep 2008. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
💻 IT / Systems
  • Update your internal systems and databases to reflect the name 'IDBI Bank Limited' for all regulatory and operational references.
📜 Compliance
  • Ensure any interbank agreements, nostro/vostro accounts, or reporting templates referencing the old name are corrected.
  • Inform relevant departments (e.g., treasury, compliance, legal) about the name change for accurate documentation.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are an IT/Systems lead at a bank this circular applies to (All scheduled commercial banks in India, Treasury and operations teams handling interbank transactions with IDBI Bank, Compliance and legal teams maintaining regulatory records), your first concrete step on “IDBI Bank Name Change in RBI Second Schedule” is: “Update your internal systems and databases to reflect the name 'IDBI Bank Limited' for all regulatory and operational references.” (RBI issued this 08 Sep 2008).

  1. Circular: RBI/2008-09/159 -- IDBI Bank Name Change in RBI Second Schedule
  2. Issued: 08 Sep 2008
  3. Action required: Update your internal systems and databases to reflect the name 'IDBI Bank Limited' for all regulatory and operational references.
  4. Action required: Ensure any interbank agreements, nostro/vostro accounts, or reporting templates referencing the old name are corrected.
  5. Action required: Inform relevant departments (e.g., treasury, compliance, legal) about the name change for accurate documentation.
  6. Owner: ____________ Target date: ____________
  7. Board/committee approval needed? Y / N
  8. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=4448&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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