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JSC VTB Bank Added to RBI Second Schedule

Current · Source: Reserve Bank of India · RBI/2008-09/325 · issued 16 Dec 2008 · ~1 min read
Quick answerRBI has officially included JSC VTB Bank in the Second Schedule of the RBI Act, 1934, making it a scheduled commercial bank. This notification, effective from July 30, 2008, was communicated to all scheduled commercial banks on December 16, 2008.
The rule, in the simplest words
How it plays out — a real example

A compliance officer at a scheduled commercial bank in Mumbai receives the RBI circular on December 16, 2008. She updates the bank's internal system to mark JSC VTB Bank as a scheduled bank, ensuring all future interbank transactions with them are reported correctly to RBI.

What changed

RBI notified that JSC VTB Bank has been added to the Second Schedule of the RBI Act, 1934, via a notification dated July 30, 2008, published in the Gazette of India on September 19, 2008. This inclusion was communicated to all scheduled commercial banks through a circular dated December 16, 2008.

What it means for you

JSC VTB Bank now qualifies as a scheduled commercial bank under Indian law, entitling it to borrow from RBI at the bank rate and access other central banking facilities. For other banks, this means a new counterparty in interbank markets and regulatory reporting, with no direct operational impact.

What you must do

Who it affects

All scheduled commercial banks in India, JSC VTB Bank (now a scheduled bank), RBI's regulatory and supervisory departments

❓ Common questions

Regulatory timeline

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

What does inclusion in the Second Schedule mean for JSC VTB Bank?

It means JSC VTB Bank is now a scheduled commercial bank under the RBI Act, 1934, allowing it to access RBI's lending facilities and be subject to statutory reserve requirements.

When did this inclusion take effect?

The notification was issued on July 30, 2008, and published in the Gazette of India on September 19, 2008. The circular informing banks was sent on December 16, 2008.

Does this affect other banks' operations?

No direct operational impact, but other banks must recognize JSC VTB Bank as a scheduled bank for interbank transactions and regulatory compliance.

📜 Read the original circular — full text as issued by RBI
RBI/2008-09/325 Ref: DBOD.No. Ret. BC.99/12.06.122 /2008-09 December 16, 2008 All Scheduled Commercial Banks Dear Sir, Inclusion in the Second Schedule to the Reserve Bank of India Act, 1934 – JSC VTB Bank We advise that the name of "JSC VTB Bank" has been included in the Second Schedule to the Reserve Bank of India Act, 1934 by notification DBOD. IBD. No. 2091 /23.13.126/2008-09 dated July 30, 2008 , published in the Gazette of India (Part III - Section 4) dated September 19, 2008. Yours faithfully, (P. K. Mahapatra) General Manager DBOD.IBD.No.2091 /23.13.126/2008-09 July 30, 2008 Notification In pursuance of Clause (a) of sub-section (6) of Section 42 of the Reserve Bank of India Act, 1934 (2 of 1934), the Reserve Bank of India hereby directs the inclusion in the Second Schedule to the said Act of the following bank namely: “JSC VTB Bank” (Anand Sinha) Executive Director
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2008-09/325 · issued 16 Dec 2008. The plain-English explanation above is BankPulse’s own independent summary.
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Worked example & action-note template

Example: if you are a Compliance officer at a bank this circular applies to (All scheduled commercial banks in India, JSC VTB Bank (now a scheduled bank), RBI's regulatory and supervisory departments), your first concrete step on “JSC VTB Bank Added to RBI Second Schedule” is: “Update your internal records to reflect JSC VTB Bank as a scheduled commercial bank.” (RBI issued this 16 Dec 2008).

  1. Circular: RBI/2008-09/325 -- JSC VTB Bank Added to RBI Second Schedule
  2. Issued: 16 Dec 2008
  3. Action required: Update your internal records to reflect JSC VTB Bank as a scheduled commercial bank.
  4. Action required: Ensure compliance with RBI reporting requirements for transactions with this bank.
  5. Action required: Monitor any future RBI circulars regarding JSC VTB Bank for operational guidelines.
  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=4713&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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