What changed
Syndicate Bank was excluded from the Second Schedule to the RBI Act, 1934, effective April 1, 2020, via a notification published in the Gazette of India. This formalizes its cessation as a banking company from that date.
What it means for you
For banks and lenders, this is a procedural update confirming Syndicate Bank's legal status post-merger. It has no operational impact on existing customers or counterparties, as the bank's business was already subsumed. Lenders should update their records to reflect that Syndicate Bank no longer exists as a separate entity.
What you must do
- Update internal systems and databases to remove Syndicate Bank as a separate banking entity.
- Ensure all references to Syndicate Bank in contracts, agreements, and regulatory filings are replaced with the successor bank.
- Inform relevant departments (legal, compliance, operations) about this formal delisting for accurate reporting.
Who it affects
All banks and financial institutions, Legal and compliance teams, Operations and IT departments managing entity master data
Does this notification affect Syndicate Bank's customers?
No, this is a formal regulatory step post-merger. Customers of Syndicate Bank were already transferred to the successor bank (Canara Bank) and continue to be serviced normally.
Why was Syndicate Bank removed from the Second Schedule?
Because it ceased to carry on banking business from April 1, 2020, following its amalgamation with Canara Bank. The removal is a legal formality to update the RBI's records.