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
- Update internal databases and reference lists to reflect 'Sonali Bank PLC' instead of 'Sonali Bank Limited'.
- Inform relevant departments (e.g., treasury, correspondent banking) of the name change for accurate record-keeping.
- No changes to existing contracts or transactions are required unless they specifically reference the old name.
Who it affects
All commercial and co-operative banks in India, Correspondent banking teams dealing with Sonali Bank, Regulatory reporting and compliance departments
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.