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Sberbank added to RBI Second Schedule

Current · Source: Reserve Bank of India · RBI/2010-11/553 · issued 01 Jun 2011 · ~2 min read
Quick answerRBI has included Sberbank in the Second Schedule of the RBI Act, 1934, effective March 8, 2011. This grants it scheduled bank status, subjecting it to CRR/SLR requirements and RBI oversight.
The rule, in the simplest words
How it plays out — a real example

Mr. Kumar checks his records and finds that Sberbank is now a scheduled bank. He updates his records and reviews his existing interbank dealings with Sberbank. He also monitors RBI circulars for any subsequent instructions regarding Sberbank's operations in India. A treasury officer in Indore, Mr. Kumar, needs to update his records to reflect Sberbank as a scheduled bank. He also reviews his existing interbank dealings with Sberbank to ensure compliance with RBI norms.

What changed

RBI notified the inclusion of Sberbank in the Second Schedule to the RBI Act, 1934, via a notification dated March 8, 2011, published in the Gazette of India on April 2, 2011. The circular advising all scheduled commercial banks of this inclusion was issued on June 1, 2011.

What it means for you

Sberbank now qualifies as a scheduled bank under Indian law, meaning it must maintain cash reserve ratio (CRR) and statutory liquidity ratio (SLR) with RBI and is eligible for central bank facilities. For other banks, this expands the list of counterparties that are under RBI's regulatory umbrella, potentially affecting interbank transactions and exposure limits.

What you must do

Who it affects

All scheduled commercial banks in India, Sberbank (now a scheduled bank), Banks with interbank exposure to Sberbank

❓ 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 Sberbank?

It means Sberbank is now a scheduled bank under the RBI Act, 1934, and must follow CRR/SLR requirements, while gaining access to RBI's liquidity facilities and being subject to its regulatory oversight.

When did this inclusion take effect?

The notification was issued on March 8, 2011, and published in the Gazette of India on April 2, 2011. The circular advising banks was sent on June 1, 2011.

Does this affect how other banks should treat Sberbank?

Yes, as a scheduled bank, Sberbank is now eligible for certain regulatory benefits and must be treated accordingly in interbank transactions, exposure limits, and reporting.

📜 Read the original circular — full text as issued by RBI
RBI/2010-11/553 Ref: DBOD. No.Ret. BC. 98/12.06.129/2010-11   June 01, 2011 All Scheduled Commercial Banks Dear Sir, Inclusion in the Second Schedule to the Reserve Bank of India Act, 1934 – Sberbank We advise that the name of “ Sberbank ” has been included in the Second Schedule to the Reserve Bank of India Act, 1934 by notification DBOD IBD. No. 13982 / 23.03.022/2010-11 dated March 08, 2011 , published in the Gazette of India (Part III – Section 4) dated April 02, 2011. Yours faithfully, (P.K. Mahapatra) General Manager DBOD.IBD.No. 13982 /23.03.022/2010-11 March 8, 2011 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: “Sberbank” (R. Gandhi) Executive Director
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2010-11/553 · issued 01 Jun 2011. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
⚙️ Operations
  • Monitor RBI circulars for any subsequent instructions regarding Sberbank's operations in India.
📜 Compliance
  • Update your internal records to reflect Sberbank as a scheduled bank for regulatory reporting and exposure purposes.
  • Review any existing or planned interbank dealings with Sberbank to ensure compliance with scheduled bank norms.
Grouped from the action items above — a single circular may involve more than one team.
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, Sberbank (now a scheduled bank), Banks with interbank exposure to Sberbank), your first concrete step on “Sberbank added to RBI Second Schedule” is: “Update your internal records to reflect Sberbank as a scheduled bank for regulatory reporting and exposure purposes.” (RBI issued this 01 Jun 2011).

  1. Circular: RBI/2010-11/553 -- Sberbank added to RBI Second Schedule
  2. Issued: 01 Jun 2011
  3. Action required: Update your internal records to reflect Sberbank as a scheduled bank for regulatory reporting and exposure purposes.
  4. Action required: Review any existing or planned interbank dealings with Sberbank to ensure compliance with scheduled bank norms.
  5. Action required: Monitor RBI circulars for any subsequent instructions regarding Sberbank's operations in India.
  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=6447&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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