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UBS AG Added to RBI Second Schedule

Current · Source: Reserve Bank of India · RBI/2024-25/65 · issued 22 Aug 2024 · ~1 min read
Quick answerRBI has included UBS AG in the Second Schedule of the RBI Act, 1934, effective June 4, 2024. This grants UBS AG the status of a scheduled bank, impacting regulatory treatment for Indian banks dealing with it.
The rule, in the simplest words
How it plays out — a real example

A co-operative bank branch officer in Indore must update their records to reflect UBS AG as a scheduled bank, so they can accurately classify exposures and comply with regulatory norms when dealing with UBS AG. This change will help them ensure smooth interbank transactions and reporting requirements. With this update, they can confidently manage their risk and capital adequacy calculations for transactions with UBS AG.

What changed

UBS AG has been added to the Second Schedule of the RBI Act, 1934, via Notification DoR.LIC.No.S1371/23.03.025/2024-25 dated June 4, 2024. The inclusion was published in the Gazette of India between August 17-23, 2024.

What it means for you

UBS AG is now a scheduled bank under Indian law, which may affect how Indian banks classify exposures and comply with regulatory norms. This could influence interbank transactions, capital adequacy calculations, and reporting requirements for lenders dealing with UBS AG.

What you must do

Who it affects

All commercial banks, All co-operative banks, Treasury departments, Risk management teams

❓ Common questions

Regulatory timeline

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

What does inclusion in the Second Schedule mean for UBS AG?

It means UBS AG is now recognized as a scheduled bank under the RBI Act, 1934, which subjects it to certain regulatory benefits and obligations, including access to RBI facilities.

When did this inclusion take effect?

The notification was issued on June 4, 2024, and the inclusion was published in the Gazette of India on August 17-23, 2024.

Do Indian banks need to take any immediate action?

Yes, banks should update their systems to classify UBS AG as a scheduled bank and review any related regulatory compliance, such as exposure norms and reporting.

📜 Read the original circular — full text as issued by RBI
RBI/2024-25/65 DoR.RET.REC.36/12.07.160/2024-25 August 22, 2024 All Commercial and Co-operative Banks Madam / Dear Sir, Inclusion of “UBS AG” in the Second Schedule of the Reserve Bank of India Act, 1934 It is advised that “UBS AG” has been included in the Second Schedule of the Reserve Bank of India Act, 1934 vide Notification DoR.LIC.No.S1371/23.03.025/2024-25 dated June 4, 2024 and published in the Gazette of India (Part III - Section 4) dated August 17 - August 23, 2024. Yours faithfully, (Latha Vishwanath) Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2024-25/65 · issued 22 Aug 2024. The plain-English explanation above is BankPulse’s own independent summary.
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Topics: Co-operative Banks
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Key dataSee the live numbers behind this topic: RBI Penalty Tracker, NPA / Asset-Quality Tracker — updated from official RBI data.
Key termsPlain-English definitions of terms in this circular — see the full Indian banking glossary. KYC / AML · Gross NPA (GNPA) · Deposit insurance (DICGC) · Scheduled Commercial Bank (SCB)
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Who does what — compliance checklist
💻 IT / Systems
  • Review exposure limits and capital adequacy treatment for transactions with UBS AG.
📜 Compliance
  • Update internal records to reflect UBS AG as a scheduled bank for regulatory reporting.
  • Ensure compliance with RBI guidelines on dealings with scheduled banks.
  • Communicate this change to relevant treasury and risk management teams.
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 banks, All co-operative banks, Treasury departments, Risk management teams), your first concrete step on “UBS AG Added to RBI Second Schedule” is: “Update internal records to reflect UBS AG as a scheduled bank for regulatory reporting.” (RBI issued this 22 Aug 2024).

  1. Circular: RBI/2024-25/65 -- UBS AG Added to RBI Second Schedule
  2. Issued: 22 Aug 2024
  3. Action required: Update internal records to reflect UBS AG as a scheduled bank for regulatory reporting.
  4. Action required: Review exposure limits and capital adequacy treatment for transactions with UBS AG.
  5. Action required: Ensure compliance with RBI guidelines on dealings with scheduled banks.
  6. Action required: Communicate this change to relevant treasury and risk management teams.
  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=12726&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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