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Sonali Bank Renamed to Sonali Bank PLC in RBI Schedule

Current · Source: Reserve Bank of India · RBI/2024-25/15 · issued 10 Apr 2024 · ~1 min read
Quick answerRBI has updated the Second Schedule to the RBI Act, 1934, changing the name of 'Sonali Bank Limited' to 'Sonali Bank PLC'. This is a routine administrative update reflecting the bank's corporate name change.
The rule, in the simplest words
How it plays out — a real example

A compliance officer at a bank in Mumbai checks the RBI notification and updates the bank's internal system, changing 'Sonali Bank Limited' to 'Sonali Bank PLC' in the list of foreign banks. She also emails the treasury team to use the new name in all future transactions, ensuring no confusion in correspondent banking.

What changed

The name 'Sonali Bank Limited' in the Second Schedule to the RBI Act, 1934 has been replaced with 'Sonali Bank PLC'. This change was effected via a notification dated January 17, 2024, published in the Gazette of India on March 6, 2024.

What it means for you

This is a purely administrative update with no operational impact on Indian banks. It simply aligns the official RBI schedule with the bank's new corporate name. Banks need not take any action other than updating internal records if they reference this entity.

What you must do

Who it affects

All commercial and co-operative banks in India, Correspondent banking teams dealing with Sonali Bank, Regulatory reporting and compliance departments

❓ Common questions

Does this name change affect any existing agreements with Sonali Bank?

No, this is a name change only. All existing agreements, obligations, and legal standings remain valid under the new name.

Do we need to report this change to RBI?

No reporting is required. RBI has already updated the Second Schedule; banks only need to update their internal records.

When did this change take effect?

The notification was issued on January 17, 2024, and published in the Gazette on March 6, 2024. The circular was sent to banks on April 10, 2024.

📜 Read the original circular — full text as issued by RBI
RBI/2024-25/15 DOR.RET.REC.11/12.07.160/2024-25 April 10, 2024 All Commercial and Co-operative Banks Madam / Dear Sir, Alteration in the name of "Sonali Bank Limited" to "Sonali Bank PLC" in the Second Schedule to the Reserve Bank of India Act, 1934 It is advised that the name of "Sonali Bank Limited" has been changed to "Sonali Bank PLC" in the Second Schedule to the Reserve Bank of India Act, 1934 by Notification DoR.LIC.No.S6044/23.13.032/2023-24 dated January 17, 2024, which is published in the Gazette of India (Part III-Section 4) dated March 06, 2024. Yours faithfully, (Manoranjan Padhy) Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2024-25/15 · issued 10 Apr 2024. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
⚙️ Operations
  • Inform relevant departments (e.g., treasury, correspondent banking) of the name change for accurate record-keeping.
📜 Compliance
  • Update internal databases and reference lists to reflect 'Sonali Bank PLC' instead of 'Sonali Bank Limited'.
  • No changes to existing contracts or transactions are required unless they specifically reference the old name.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are a Compliance officer at a bank this circular applies to (All commercial and co-operative banks in India, Correspondent banking teams dealing with Sonali Bank, Regulatory reporting and compliance departments), your first concrete step on “Sonali Bank Renamed to Sonali Bank PLC in RBI Schedule” is: “Update internal databases and reference lists to reflect 'Sonali Bank PLC' instead of 'Sonali Bank Limited'.” (RBI issued this 10 Apr 2024).

  1. Circular: RBI/2024-25/15 -- Sonali Bank Renamed to Sonali Bank PLC in RBI Schedule
  2. Issued: 10 Apr 2024
  3. Action required: Update internal databases and reference lists to reflect 'Sonali Bank PLC' instead of 'Sonali Bank Limited'.
  4. Action required: Inform relevant departments (e.g., treasury, correspondent banking) of the name change for accurate record-keeping.
  5. Action required: No changes to existing contracts or transactions are required unless they specifically reference the old name.
  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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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12660&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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