What changed
Allahabad Bank was removed from the Second Schedule to the RBI Act, 1934, effective April 1, 2020. This formalizes its cessation as a banking company, as it stopped carrying on banking business from that date.
What it means for you
For banks and lenders, this confirms the legal completion of Allahabad Bank's merger into another entity, removing its separate regulatory status. No further reporting or compliance obligations exist for Allahabad Bank as an independent scheduled bank.
What you must do
- Update internal records to reflect Allahabad Bank's exclusion from the Second Schedule.
- Ensure any pending transactions or references to Allahabad Bank are redirected to the successor bank.
- Review and update any regulatory filings or disclosures that mention Allahabad Bank as a separate entity.
Who it affects
All scheduled commercial banks, Regulatory compliance teams, Legal and documentation departments
What does exclusion from the Second Schedule mean?
It means the bank is no longer recognized as a scheduled bank under the RBI Act, 1934, and has ceased to be a banking company for regulatory purposes.
When did this exclusion take effect?
The exclusion was effective from April 1, 2020, the same date Allahabad Bank stopped carrying on banking business.
Do we need to take any action regarding Allahabad Bank's old accounts?
Yes, ensure all references to Allahabad Bank are updated to the successor bank in your systems and documentation.