What changed
RBI notified that Chhattisgarh Rajya Sahakari Bank Maryadit, Raipur has been added to the Second Schedule of the RBI Act, 1934. The inclusion was formalized via a notification dated September 16, 2013, published in the Gazette of India on October 25, 2013.
What it means for you
This designation elevates the bank to scheduled bank status, making it eligible for RBI refinance and other privileges. For other cooperative banks, it signals RBI's continued recognition of strong state-level cooperative institutions, potentially influencing interbank confidence and regulatory treatment.
What you must do
- Update your records to reflect Chhattisgarh Rajya Sahakari Bank as a scheduled bank for interbank transactions.
- Review any exposure limits or counterparty risk assessments involving this bank, as its status change may affect regulatory caps.
- Inform relevant internal teams (treasury, credit) about the updated schedule for compliance and operational purposes.
Who it affects
State Cooperative Banks, District Central Cooperative Banks, Chhattisgarh Rajya Sahakari Bank Maryadit, Raipur, Banks with interbank dealings with this cooperative bank
What does inclusion in the Second Schedule mean for a bank?
It grants scheduled bank status under the RBI Act, entitling the bank to borrow from RBI, access clearing house facilities, and enjoy other privileges. It also imposes stricter regulatory compliance.
When did this inclusion take effect?
The notification was issued on September 16, 2013, and published in the Gazette of India on October 25, 2013. The circular was sent to all state and district central cooperative banks on November 5, 2013.
Does this affect other cooperative banks directly?
Not directly, but it reinforces the regulatory framework for cooperative banks. Other banks should update their records and consider the scheduled status when dealing with Chhattisgarh Rajya Sahakari Bank.