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Credit Suisse AG ceases to be a banking company in India

Current · Source: Reserve Bank of India · RBI/2024-25/66 · issued 22 Aug 2024 · ~1 min read
Quick answerRBI notifies that Credit Suisse AG is no longer a banking company under the Banking Regulation Act, 1949, effective June 4, 2024, as published in the Gazette of India. Banks must update their records accordingly.
The rule, in the simplest words
How it plays out — a real example

A co-operative bank branch officer in Indore, Priya, reviews her bank's list of other banks for risk reports. She sees Credit Suisse AG is still marked as a 'banking company'. Remembering the RBI notice, she updates the record to 'non-banking entity' and tells her team to check all old files, ensuring no reports wrongly show Credit Suisse AG as a bank.

What changed

RBI has officially confirmed that Credit Suisse AG has ceased to be a banking company under the Banking Regulation Act, 1949. This cessation was effective from June 4, 2024, and was published in the Gazette of India between August 17-23, 2024.

What it means for you

Credit Suisse AG is no longer regulated as a banking entity in India, impacting any interbank exposures or regulatory reporting involving this entity. Banks should review and update their counterparty classifications and ensure compliance with related regulatory requirements.

What you must do

Who it affects

All commercial banks, All co-operative banks, Risk and compliance departments, Counterparty credit risk teams

❓ Common questions

Regulatory timeline

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

When did Credit Suisse AG cease to be a banking company?

The cessation was effective from June 4, 2024, as per RBI notification DoR.LIC.No. S1372/23.03.025/2024-25.

Where was this cessation published?

It was published in the Gazette of India (Part III - Section 4) dated August 17–23, 2024.

Does this affect existing contracts with Credit Suisse AG?

The notification only changes its regulatory status; banks should consult legal advice for contractual implications.

📜 Read the original circular — full text as issued by RBI
RBI/2024-25/66 DoR.RET.REC.37/12.07.160/2024-25 August 22, 2024 All Commercial and Co-operative Banks Madam / Dear Sir, Cessation of “Credit Suisse AG” as a banking company within the meaning of sub section (2) of Section 36 (A) of the Banking Regulation Act, 1949 It is advised that the “Credit Suisse AG” has ceased to be a banking company within the meaning of the Banking Regulation Act, 1949 vide Notification DoR.LIC.No. S1372/23.03.025/2024-25 dated June 4, 2024, which is 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/2024-25/66 · issued 22 Aug 2024. The plain-English explanation above is BankPulse’s own independent summary.
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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
🏦 Branch Manager
  • Ensure all branches and departments are informed of this change for operational consistency.
📜 Compliance
  • Update internal records to reflect Credit Suisse AG's non-banking status under Indian law.
  • Review and adjust any regulatory filings or exposure reports that reference Credit Suisse AG as a banking company.
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, Risk and compliance departments, Counterparty credit risk teams), your first concrete step on “Credit Suisse AG ceases to be a banking company in India” is: “Update internal records to reflect Credit Suisse AG's non-banking status under Indian law.” (RBI issued this 22 Aug 2024).

  1. Circular: RBI/2024-25/66 -- Credit Suisse AG ceases to be a banking company in India
  2. Issued: 22 Aug 2024
  3. Action required: Update internal records to reflect Credit Suisse AG's non-banking status under Indian law.
  4. Action required: Review and adjust any regulatory filings or exposure reports that reference Credit Suisse AG as a banking company.
  5. Action required: Ensure all branches and departments are informed of this change for operational consistency.
  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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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=12727&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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