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
- Update your internal systems and databases to reflect the name 'IDBI Bank Limited' for all regulatory and operational references.
- 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.
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
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.