What changed
RBI notified that the name of State Bank of India Commercial and International Bank Limited has been excluded from the Second Schedule to the RBI Act, 1934. The exclusion was effective from July 29, 2011, as the bank had stopped carrying on banking business.
What it means for you
This entity is no longer a scheduled bank under the RBI Act, losing associated privileges and obligations like access to RBI liquidity facilities and maintaining CRR/SLR. For other banks, this is a regulatory housekeeping update with no direct operational impact.
What you must do
- Update your internal records to reflect that State Bank of India Commercial and International Bank Limited is no longer a scheduled bank.
- Ensure any interbank exposures or transactions with this entity are reviewed and adjusted accordingly.
- Monitor RBI notifications for any further updates on excluded entities.
Who it affects
State Bank of India Commercial and International Bank Limited, Scheduled commercial banks with interbank dealings with this entity, RBI's regulatory database and reporting systems
Why was this bank excluded from the Second Schedule?
The bank ceased to carry on banking business with effect from July 29, 2011, as confirmed by RBI.
What does exclusion from the Second Schedule mean?
It means the bank is no longer classified as a scheduled bank under the RBI Act, losing access to central bank facilities and regulatory benefits.
Does this affect other scheduled banks?
No direct impact, but banks should update their records and review any exposures to this entity.