What changed
The name of 'AB Bank Limited' has been altered to 'AB Bank PLC' in the Second Schedule to the Reserve Bank of India Act, 1934. This change was effected by a notification dated January 25, 2024, which was published in the Gazette of India on March 06, 2024.
What it means for you
This is a routine name change notification that updates the official statutory record. For banks and lenders, it means any references to 'AB Bank Limited' in regulatory filings, interbank transactions, or correspondence should now use 'AB Bank PLC'. No operational or regulatory impact beyond updating records.
What you must do
- Update internal systems and databases to reflect the new name 'AB Bank PLC' for this entity.
- Ensure all future correspondence, transactions, and regulatory references use the corrected name.
- Inform relevant departments (e.g., treasury, compliance, legal) about the name change to avoid processing errors.
Who it affects
All commercial and co-operative banks in India, Regulatory compliance teams, Interbank transaction processing units
Does this name change affect the bank's operations or regulatory status?
No, it is purely a name change in the Second Schedule. The bank's licensing, capital, and regulatory obligations remain unchanged.
When did the name change officially take effect?
The change was notified by RBI on January 25, 2024, and published in the Gazette of India on March 06, 2024.
Do we need to update any existing contracts or agreements with AB Bank?
Yes, it is advisable to update all legal and operational documents to reflect the new name 'AB Bank PLC' to ensure consistency and avoid confusion.