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Westpac Banking Corporation Added to RBI Second Schedule

Current · Source: Reserve Bank of India · RBI/2012-13/457 · issued 22 Mar 2013 · ~1 min read
Quick answerRBI added Westpac Banking Corporation to the Second Schedule of the RBI Act, 1934, effective December 10, 2012. This grants the bank scheduled bank status, subjecting it to RBI's regulatory framework and enabling it to access central bank facilities.
The rule, in the simplest words
How it plays out — a real example

A senior banker named Ananya in Mumbai’s corporate banking team receives a request from a client to open a loan with Westpac. She recalls the RBI notice that Westpac is now a scheduled bank, so she ensures the loan meets RBI’s regulatory checks and updates her bank’s records to reflect Westpac’s new status. She feels confident that the client’s transaction is compliant and smooth.

What changed

Westpac Banking Corporation was included in the Second Schedule to the Reserve Bank of India Act, 1934 via a notification dated December 10, 2012, published in the Gazette of India on January 12, 2013. This inclusion was communicated to all scheduled commercial banks by RBI on March 22, 2013.

What it means for you

For Indian banks, this means Westpac Banking Corporation is now recognized as a scheduled bank under Indian law, which brings it under RBI's regulatory oversight. It can now participate in interbank markets and access RBI's liquidity facilities, potentially increasing competition in corporate banking.

What you must do

Who it affects

All scheduled commercial banks in India, Westpac Banking Corporation's Indian operations, Corporate clients dealing with Westpac

❓ 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 Westpac?

It means Westpac is now a scheduled bank under the RBI Act, 1934, subject to RBI's regulations and eligible for central bank facilities like liquidity support.

When did this inclusion take effect?

The notification was issued on December 10, 2012, and published in the Gazette on January 12, 2013. RBI communicated it to banks on March 22, 2013.

Does this affect other foreign banks in India?

No, this is specific to Westpac. Other foreign banks remain under their existing regulatory status unless separately notified.

📜 Read the original circular — full text as issued by RBI
RBI/2012-13/457 Ref: DBOD. No.Ret. BC.86/12.07.136/2012-13 March 22, 2013 All Scheduled Commercial Banks Dear Sir, Inclusion in the Second Schedule to the Reserve Bank of India Act, 1934 – Westpac Banking Corporation We advise that the name of “Westpac Banking Corporation" has been included in the Second Schedule to the Reserve Bank of India Act, 1934 by Notification DBOD.IBD.No.8297/23.13.138/2012-13 dated December 10, 2012, published in the Gazette of India (Part III – Section 4) dated January 12, 2013. Yours faithfully, (Sudha Damodar) Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2012-13/457 · issued 22 Mar 2013. 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, Westpac Banking Corporation's Indian operations, Corporate clients dealing with Westpac), your first concrete step on “Westpac Banking Corporation Added to RBI Second Schedule” is: “Update your internal records to reflect Westpac Banking Corporation's scheduled bank status.” (RBI issued this 22 Mar 2013).

  1. Circular: RBI/2012-13/457 -- Westpac Banking Corporation Added to RBI Second Schedule
  2. Issued: 22 Mar 2013
  3. Action required: Update your internal records to reflect Westpac Banking Corporation's scheduled bank status.
  4. Action required: Review any existing or planned transactions with Westpac for compliance with RBI's regulatory requirements.
  5. Action required: Monitor Westpac's activities in India for potential impacts on your bank's business strategy.
  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=7908&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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