Commonwealth Bank of Australia added to RBI Second Schedule
Current · Source: Reserve Bank of India · RBI/2009-10/481 · issued 03 Jun 2010 · ~1 min read
Quick answerRBI has included Commonwealth Bank of Australia in the Second Schedule of the RBI Act, 1934, making it a scheduled bank. This allows the bank to avail central banking facilities and be subject to RBI's regulatory framework.
The rule, in the simplest words
RBI (India's central bank) added Commonwealth Bank of Australia to its official list of scheduled banks (banks that can borrow from RBI and follow its rules).
This means Commonwealth Bank of Australia can now borrow money from RBI, use clearing houses (places where banks swap checks), and keep required reserves (money set aside as per law).
Indian banks must update their records to treat Commonwealth Bank of Australia as a scheduled bank for transactions between banks.
Indian banks should check any existing or planned business ties with Commonwealth Bank of Australia to follow RBI rules.
This adds a new foreign competitor for Indian banks, especially in trade finance (loans for imports/exports) and NRI (Non-Resident Indian) services.
How it plays out — a real example
A branch operations officer in Indore, Priya, updates her bank's internal system to list Commonwealth Bank of Australia as a scheduled bank. Now, when she processes an interbank transfer for a customer sending money to Australia, she knows the transaction follows RBI rules and the foreign bank can access central banking facilities.
What changed
The Reserve Bank of India added Commonwealth Bank of Australia to the Second Schedule of the RBI Act, 1934, via notification dated March 19, 2010, published in the Gazette of India on April 10, 2010. This inclusion was communicated to all scheduled commercial banks through a circular dated June 3, 2010.
What it means for you
Commonwealth Bank of Australia now qualifies as a scheduled bank under Indian law, entitling it to borrow from RBI, access clearing houses, and maintain statutory reserves. For Indian banks, this means a new foreign bank entrant in the scheduled banking system, increasing competition in corporate and retail banking segments.
What you must do
Update your internal records to reflect Commonwealth Bank of Australia as a scheduled bank for interbank transactions.
Review any existing or planned correspondent banking relationships with this entity for compliance.
Monitor competitive dynamics in foreign banking services, especially in trade finance and NRI segments.
Who it affects
All scheduled commercial banks in India, Commonwealth Bank of Australia (now a scheduled bank), Indian banking system participants dealing with foreign banks
❓ Common questions
What does inclusion in the Second Schedule mean for Commonwealth Bank of Australia?
It becomes a scheduled bank under the RBI Act, 1934, gaining access to RBI's lending facilities, clearing services, and the requirement to maintain CRR and SLR.
Does this change affect existing Indian banks?
Yes, Indian banks now have a new scheduled foreign bank counterparty, which may impact interbank lending, competition, and regulatory reporting.
When did this inclusion take effect?
The notification was issued on March 19, 2010, and published in the Gazette on April 10, 2010. The circular informing banks was dated June 3, 2010.
📜 Read the original circular — full text as issued by RBI
RBI/2009-10/481
Ref.DBOD.No.Ret.BC/ 104/12.06.126/2009-10
June 03, 2010
All Scheduled Commercial Banks
Dear Sir,
Inclusion in the Second Schedule to the Reserve Bank of India Act, 1934- Commonwealth Bank Of Australia.
We advise that the name of " Commonwealth Bank Of Australia" has been included in the Second Schedule to the Reserve Bank of India Act, 1934 by notification DBOD.IBD.No./16082/23.13.127/2009-10 dated March 19, 2010 published in the Gazette of India (Part III- Section 4) dated April 10, 2010.
Yours faithfully,
(P. K. Mahapatra)
General Manager
DBOD.IBD.No. 16082 /23.13.127/2009-10
March 19, 2010
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:
“Commonwealth Bank of Australia”
(Anand Sinha)
Executive Director
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2009-10/481 · issued 03 Jun 2010. The plain-English explanation above is BankPulse’s own independent summary.
Example: if you are a Compliance officer at a bank this circular applies to (All scheduled commercial banks in India, Commonwealth Bank of Australia (now a scheduled bank), Indian banking system participants dealing with foreign banks), your first concrete step on “Commonwealth Bank of Australia added to RBI Second Schedule” is: “Update your internal records to reflect Commonwealth Bank of Australia as a scheduled bank for interbank transactions.” (RBI issued this 03 Jun 2010).
Circular: RBI/2009-10/481 -- Commonwealth Bank of Australia added to RBI Second Schedule
Issued: 03 Jun 2010
Action required: Update your internal records to reflect Commonwealth Bank of Australia as a scheduled bank for interbank transactions.
Action required: Review any existing or planned correspondent banking relationships with this entity for compliance.
Action required: Monitor competitive dynamics in foreign banking services, especially in trade finance and NRI segments.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
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=5706&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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