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RRB Second Schedule Updates: Amalgamated Banks In, Old Banks Out

Current · Source: Reserve Bank of India · RBI/2020-21/57 · issued 20 Oct 2020 · ~2 min read
Quick answerRBI has updated the Second Schedule of the RBI Act, 1934, to include 10 newly amalgamated Regional Rural Banks and exclude 21 erstwhile RRBs, as per notifications dated July 27, 2020, published in the Gazette on October 19, 2020. This formalizes the merger of RRBs as per government notifications.
The rule, in the simplest words
How it plays out — a real example

A compliance officer at a sponsor bank in Mumbai checks the RBI's updated Second Schedule list. She sees that 'Malwa Gramin Bank' is now removed and 'Punjab Gramin Bank' is added. She updates her bank's internal system so that when a branch in Punjab sends a transaction to the new Punjab Gramin Bank, it uses the correct name and code, avoiding any delays or errors.

What changed

RBI issued two notifications on July 27, 2020, to include 10 amalgamated RRBs and exclude 21 erstwhile RRBs from the Second Schedule. The changes follow government amalgamation orders for RRBs like Punjab Gramin Bank, Assam Gramin Vikash Bank, and Baroda Gujarat Gramin Bank, among others.

What it means for you

For banks, this update ensures that only legally recognized RRBs are part of the Second Schedule, which is crucial for statutory compliance and access to RBI facilities. Lenders dealing with these RRBs must update their records to reflect the new entities for transactions and regulatory reporting.

What you must do

Who it affects

Regional Rural Banks (RRBs) and their sponsor banks, Banks and financial institutions transacting with RRBs, RBI's Department of Regulation and Compliance teams

❓ Common questions

Why were these RRBs included or excluded from the Second Schedule?

The changes are due to amalgamations of RRBs as per government notifications under the Regional Rural Banks Act, 1976. The new RRBs replace the old ones, so RBI updates the Second Schedule to reflect the current legal entities.

What is the impact on existing transactions with the old RRBs?

Transactions with the old RRBs should be transitioned to the new amalgamated entities. Banks must ensure that all contracts, accounts, and regulatory filings reference the new RRB names to avoid legal or operational issues.

Do these changes affect the Second Schedule status of other RRBs?

No, only the 10 new RRBs are included and 21 old ones excluded. Other RRBs not mentioned remain unaffected in their Second Schedule status.

📜 Read the original circular — full text as issued by RBI
RBI/2020-21/57 DOR.CO RRB.No.25/31.04.002/2020-21 October 20, 2020 All Regional Rural Banks Dear Sir/Madam, Inclusion in/exclusion from the Second Schedule to the Reserve Bank of India Act, 1934 - Regional Rural Banks (RRBs) We advise that the names of ten amalgamated Regional Rural Banks have been included and names of 21 erstwhile Regional Rural Banks (RRBs) have been excluded to/from the Second Schedule to the Reserve Bank of India Act, 1934, respectively, by Notification DOR.CO.RRB.No.138/31.04.002/2020-21 and DOR.CO.RRB.No.139/31.04.002/2020-21 dated July 27, 2020 published in the Extraordinary Gazette of India (Part III - Section 4) dated October 19, 2020. 2. Copies of the above two notifications DOR.CO.RRB.No.138/31.04.002/2020-21 and DOR.CO.RRB.No.139/31.04.002/2020-21 dated July 27, 2020 are enclosed. 3. Please acknowledge receipt to our Regional Office concerned. Yours faithfully, (Thomas Mathew) Chief General Manager Encl: as above DOR.CO.RRB.No.138/31.04.002/2020-21 July 27, 2020 NOTIFICATION Whereas the Central Government in exercise of the powers conferred by sub-section (1) of section 23A of the Regional Rural Banks Act, 1976, has vide:- Notification no. S.O. 6255 (E) dated December 21, 2018, amalgamated Punjab Gramin Bank, Malwa Gramin Bank and Sutlej Gramin Bank (hereinafter referred to as “the transferor Regional Rural Banks”) into a single Regional Rural Bank, which shall be called as Punjab Gramin Bank (hereinafter referred to as “the transferee Regional Rural Bank”), with its head office at Kapurthala, with effect from January 1, 2019; Notification no. S.O. 985(E) dated February 22, 2019, amalgamated Assam Gramin Vikash Bank and Langpi Dehangi Rural Bank (hereinafter referred to as “the transferor Regional Rural Banks”) into a single Regional Rural Bank, which shall be called as Assam Gramin Vikash Bank (hereinafter referred to as “the transferee Regional Rural Bank”), with its head office at Guwahati, with effect from April 1, 2019; and Notification no. S.O. 986(E) dated February 22, 2019, amalgamated Baroda Gujarat Gramin Bank and Dena Gujarat Gramin Bank (hereinafter referred to as “the transferor Regional Rural Banks”) into a single Regional Rural Bank which shall be called as Baroda Gujarat Gramin Bank (hereinafter referred to as “the transferee Regional Rural Bank”), with its head office at Vadodara, with effect from April 1, 2019. In furtherance of the above, in exercise of the powers conferred under clauses (a) and (b) of sub-section (6) of section 42 of the Reserve Bank of India Act, 1934 (hereinafter referred to as “the RBI Act”), the Reserve Bank of India, hereby, directs the exclusion of the aforesaid transferor Regional Rural Banks from the second schedule of RBI Act and the inclusion of the aforesaid transferee Regional Rural Banks in the second schedule of the RBI Act. (Lily Vadera) Executive Director DOR.CO.RRB.No.139/31.04.002/2020-21 July 27, 2020 NOTIFICATION In exercise of the powers conferred under clauses (a) and (b) of sub-section (6) of section 42 of the Reserve Bank of India Act, 1934 (hereinafter referred to as “the RBI Act”), the Reserve Bank of India, hereby, directs the exclusion of the Regional Rural Banks indicated below at column no. [A] from the second schedule of the RBI Act and the inclusion of the Regional Rural Banks indicated below at column no. [B] in the second schedule of the RBI Act. Name of the erstwhile Regional Rural Banks [A]
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2020-21/57 · issued 20 Oct 2020. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
🏦 Branch Manager
  • Verify the amalgamation details for each RRB to ensure accurate counterparty identification in transactions.
⚙️ Operations
  • Communicate these changes to relevant departments like treasury, compliance, and credit for seamless operations.
💻 IT / Systems
  • Update your internal systems to reflect the new RRB names and exclude the old ones from the Second Schedule list.
📜 Compliance
  • Acknowledge receipt of this circular to your respective RBI Regional Office as instructed.
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 (Regional Rural Banks (RRBs) and their sponsor banks, Banks and financial institutions transacting with RRBs, RBI's Department of Regulation and Compliance teams), your first concrete step on “RRB Second Schedule Updates: Amalgamated Banks In, Old Banks Out” is: “Update your internal systems to reflect the new RRB names and exclude the old ones from the Second Schedule list.” (RBI issued this 20 Oct 2020).

  1. Circular: RBI/2020-21/57 -- RRB Second Schedule Updates: Amalgamated Banks In, Old Banks Out
  2. Issued: 20 Oct 2020
  3. Action required: Update your internal systems to reflect the new RRB names and exclude the old ones from the Second Schedule list.
  4. Action required: Verify the amalgamation details for each RRB to ensure accurate counterparty identification in transactions.
  5. Action required: Communicate these changes to relevant departments like treasury, compliance, and credit for seamless operations.
  6. Action required: Acknowledge receipt of this circular to your respective RBI Regional Office as instructed.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. 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=11985&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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