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American Express Banking Corp. Added to RBI Schedule II

Current · Source: Reserve Bank of India · RBI/2008-09/375 · issued 05 Feb 2009 · ~1 min read
Quick answerRBI added American Express Banking Corp. to the Second Schedule of the RBI Act, 1934, via notification dated December 4, 2008, published in the Gazette of India on December 27, 2008. This grants it scheduled bank status, subjecting it to regulatory requirements and privileges under Indian banking law.
The rule, in the simplest words
How it plays out — a real example

A branch operations officer in Indore should update their internal records to reflect American Express Banking Corp. as a scheduled bank, and review any existing interbank arrangements with them for compliance.

What changed

RBI notified that American Express Banking Corp. has been included in the Second Schedule to the RBI Act, 1934. The inclusion was via notification DBOD IBD.No.8739/23.03.018/2008-09 dated December 4, 2008, published in the Gazette of India on December 27, 2008.

What it means for you

American Express Banking Corp. now qualifies as a scheduled commercial bank, bringing it under RBI's full regulatory framework. For other banks, this means a new competitor in the scheduled bank space, with implications for interbank operations and market dynamics.

What you must do

Who it affects

All scheduled commercial banks, American Express Banking Corp., RBI's supervisory and regulatory departments

❓ Common questions

What does inclusion in the Second Schedule mean for American Express Banking Corp.?

It means the entity is now a scheduled bank under the RBI Act, 1934, entitling it to certain privileges like access to RBI's refinance facilities and requiring it to maintain CRR and SLR as per RBI norms.

When did this inclusion take effect?

The notification was issued on December 4, 2008, and published in the Gazette of India on December 27, 2008. The circular communicating this to banks is dated February 5, 2009.

Does this affect other banks' operations?

Yes, other scheduled banks must now treat American Express Banking Corp. as a scheduled bank for interbank transactions, clearing, and regulatory reporting purposes.

📜 Read the original circular — full text as issued by RBI
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RBI/2008-09/375 DBOD. Ret. BC.  108 /12.01.001/2008-09 February 05, 2009 All Scheduled Commercial Banks Dear Sir, Inclusion in the Second Schedule to the Reserve Bank of India Act, 1934- American Express Banking Corp. We advise that the name of “American Express Banking Corp.” has been included in the Second Schedule to the Reserve Bank of India Act,1934 by notification DBOD IBD.No.8739/23.03.018/2008-09 dated December 04, 2008 published in the Gazette of India (part III – section 4)dated December 27, 2008. Yours faithfully, (P.K. 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Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2008-09/375 · issued 05 Feb 2009. 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, American Express Banking Corp., RBI's supervisory and regulatory departments), your first concrete step on “American Express Banking Corp. Added to RBI Schedule II” is: “Update your internal records to reflect American Express Banking Corp. as a scheduled bank.” (RBI issued this 05 Feb 2009).

  1. Circular: RBI/2008-09/375 -- American Express Banking Corp. Added to RBI Schedule II
  2. Issued: 05 Feb 2009
  3. Action required: Update your internal records to reflect American Express Banking Corp. as a scheduled bank.
  4. Action required: Review any existing or planned interbank arrangements with American Express Banking Corp. for compliance.
  5. Action required: Monitor RBI communications for any further operational guidelines related to this inclusion.
  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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BankPulse Compliance Evidence Pack — generated 05 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=4826&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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