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First Rand Bank Ltd added to RBI Second Schedule

Current · Source: Reserve Bank of India · RBI/2009-10/111 · issued 03 Aug 2009 · ~1 min read
Quick answerRBI has included First Rand Bank Ltd in the Second Schedule to the RBI Act, 1934, making it a scheduled commercial bank. This grants it access to central bank facilities and regulatory benefits.
The rule, in the simplest words
How it plays out — a real example

A compliance officer at a public sector bank in Mumbai receives the RBI circular and immediately updates the bank's internal system to mark First Rand Bank Ltd as a scheduled commercial bank. She then reviews their existing correspondent banking agreement with First Rand Bank Ltd, noting that the new status allows for smoother interbank transactions and access to RBI facilities, so she schedules a meeting with the treasury team to discuss potential benefits.

What changed

First Rand Bank Ltd was added to the Second Schedule of the RBI Act, 1934 via notification DBOD. IBD. No. 20525 /23.13.145/2008-09 dated June 12, 2009, published in the Gazette of India on July 11, 2009. The circular to all scheduled commercial banks was issued on August 3, 2009.

What it means for you

This inclusion means First Rand Bank Ltd now qualifies as a scheduled bank under Indian law, entitling it to borrow from RBI at the bank rate and access other central banking facilities. For other banks, it signals an expanded competitive landscape and potential interbank dealings with a new scheduled entity.

What you must do

Who it affects

All scheduled commercial banks in India, First Rand Bank Ltd, Banks with interbank exposure to First Rand Bank Ltd

❓ Common questions

What does inclusion in the Second Schedule mean for First Rand Bank Ltd?

It becomes a scheduled bank under the RBI Act, 1934, gaining eligibility for RBI liquidity facilities, lower reserve requirements, and enhanced credibility in the banking system.

Does this change affect other banks' regulatory obligations?

No direct change, but other banks must now treat First Rand Bank Ltd as a scheduled bank for interbank transactions and reporting purposes.

📜 Read the original circular — full text as issued by RBI
RBI/2009-10/111 Ref: DBOD.No. Ret. BC. 27/12.06.125 /2009-10 August 3, 2009 All Scheduled Commercial Banks Dear Sir, Inclusion in the Second Schedule to the Reserve Bank of India Act, 1934 – First Rand  Bank Ltd We advise that the name of "First Rand Bank Ltd" has been included in the Second Schedule to the Reserve Bank of India Act, 1934 by notification DBOD. IBD. No. 20525 /23.13.145/2008-09 dated June 12, 2009, published in the Gazette of India (Part III - Section 4) dated July 11, 2009. Yours faithfully, (P. K. Mahapatra) General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2009-10/111 · issued 03 Aug 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 in India, First Rand Bank Ltd, Banks with interbank exposure to First Rand Bank Ltd), your first concrete step on “First Rand Bank Ltd added to RBI Second Schedule” is: “Update your internal records to reflect First Rand Bank Ltd as a scheduled commercial bank.” (RBI issued this 03 Aug 2009).

  1. Circular: RBI/2009-10/111 -- First Rand Bank Ltd added to RBI Second Schedule
  2. Issued: 03 Aug 2009
  3. Action required: Update your internal records to reflect First Rand Bank Ltd as a scheduled commercial bank.
  4. Action required: Review any existing or planned correspondent banking relationships with First Rand Bank Ltd in light of its new status.
  5. Action required: Monitor RBI circulars 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 03 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=5194&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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