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
- 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.
- Ensure all branches and departments are informed of this change for operational consistency.
Who it affects
All commercial banks, All co-operative banks, Risk and compliance departments, Counterparty credit risk teams
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.