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Syndicate Bank Removed from RBI Schedule II

Current · Source: Reserve Bank of India · RBI/2020-21/47 · issued 30 Sep 2020 · ~1 min read
Quick answerRBI has formally removed Syndicate Bank from the Second Schedule of the RBI Act, 1934, effective April 1, 2020, as it ceased banking operations on that date following its merger.
The rule, in the simplest words
How it plays out — a real example

A compliance officer at a large bank in Mumbai is updating the bank's internal system. She sees 'Syndicate Bank' still listed as a separate entity in the master database. Following this RBI rule, she removes it and replaces all references with the successor bank's name, ensuring her bank's records are accurate for regulatory reporting.

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

Who it affects

All banks and financial institutions, Legal and compliance teams, Operations and IT departments managing entity master data

❓ Common questions

Regulatory timeline

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

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.

📜 Read the original circular — full text as issued by RBI
RBI/2020-21/47 DOR.No.Ret.BC.20/12.07.150/2020-21 September 30, 2020 All Banks Madam/Sir Exclusion of “Syndicate Bank” from the Second Schedule to the Reserve Bank of India Act, 1934 and cessation as banking company We advise that “ Syndicate 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.57/12.01.001/2019-20 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/2020-21/47 · issued 30 Sep 2020. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
⚙️ Operations
  • Inform relevant departments (legal, compliance, operations) about this formal delisting for accurate reporting.
💻 IT / Systems
  • Update internal systems and databases to remove Syndicate Bank as a separate banking entity.
📜 Compliance
  • Ensure all references to Syndicate Bank in contracts, agreements, and regulatory filings are replaced with the successor bank.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are an IT/Systems lead at a bank this circular applies to (All banks and financial institutions, Legal and compliance teams, Operations and IT departments managing entity master data), your first concrete step on “Syndicate Bank Removed from RBI Schedule II” is: “Update internal systems and databases to remove Syndicate Bank as a separate banking entity.” (RBI issued this 30 Sep 2020).

  1. Circular: RBI/2020-21/47 -- Syndicate Bank Removed from RBI Schedule II
  2. Issued: 30 Sep 2020
  3. Action required: Update internal systems and databases to remove Syndicate Bank as a separate banking entity.
  4. Action required: Ensure all references to Syndicate Bank in contracts, agreements, and regulatory filings are replaced with the successor bank.
  5. Action required: Inform relevant departments (legal, compliance, operations) about this formal delisting for accurate reporting.
  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=11975&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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