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Allahabad Bank removed from RBI Schedule II

Current · Source: Reserve Bank of India · RBI/2020-21/44 · issued 30 Sep 2020 · ~1 min read
Quick answerRBI has excluded Allahabad Bank from the Second Schedule of the RBI Act, 1934, effective April 1, 2020, as it ceased banking operations on that date following its amalgamation.
The rule, in the simplest words
How it plays out — a real example

A branch operations officer in Indore, Mr. Kumar, was updating the bank's records to reflect Allahabad Bank's exclusion from the RBI's list. He made sure to redirect any pending transactions to the new bank and reviewed the regulatory filings to remove any mentions of Allahabad Bank as a separate entity. Mr. Kumar's work ensured that the bank's operations continued smoothly and that they were compliant with the RBI's regulations.

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

Who it affects

All scheduled commercial banks, Regulatory compliance teams, Legal and documentation departments

❓ Common questions

Regulatory timeline

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

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.

📜 Read the original circular — full text as issued by RBI
RBI/2020-21/44 DOR.No.Ret.BC.17/12.07.150/2020-21 September 30, 2020 All Banks Madam/Sir Exclusion of “Allahabad Bank” from the Second Schedule to the Reserve Bank of India Act, 1934 and cessation as banking company We advise that “ Allahabad Bank ” has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 with effect from April 01, 2020 since it has ceased to carry on banking business with effect from April 01, 2020 vide Notification DOR.No.Ret.BC.54/12.01.001/2019-20 dated March 27, 2020, which is published in the Gazette of India (Part III - Section 4) dated September 26 – October 02, 2020. Yours faithfully (Sudhansu Mohan Parida) General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2020-21/44 · issued 30 Sep 2020. 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, Regulatory compliance teams, Legal and documentation departments), your first concrete step on “Allahabad Bank removed from RBI Schedule II” is: “Update internal records to reflect Allahabad Bank's exclusion from the Second Schedule.” (RBI issued this 30 Sep 2020).

  1. Circular: RBI/2020-21/44 -- Allahabad Bank removed from RBI Schedule II
  2. Issued: 30 Sep 2020
  3. Action required: Update internal records to reflect Allahabad Bank's exclusion from the Second Schedule.
  4. Action required: Ensure any pending transactions or references to Allahabad Bank are redirected to the successor bank.
  5. Action required: Review and update any regulatory filings or disclosures that mention Allahabad Bank as a separate entity.
  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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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11972&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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