What changed
RBI notified that Credit Suisse AG has been excluded from the Second Schedule of the RBI Act, 1934, via a notification dated June 4, 2024, published in the Gazette of India on August 17-23, 2024. This circular informs all commercial and co-operative banks of this change.
What it means for you
Credit Suisse AG loses its scheduled bank status in India, which may affect its access to RBI facilities and its standing in interbank transactions. Banks should update their records and ensure compliance with any consequential regulatory requirements.
What you must do
- Update internal systems to reflect Credit Suisse AG's exclusion from the Second Schedule.
- Review any exposures or transactions with Credit Suisse AG for regulatory implications.
- Inform relevant departments (e.g., treasury, compliance) about this change.
- Monitor RBI's subsequent circulars for any further instructions.
Who it affects
All commercial banks, All co-operative banks, Treasury departments, Compliance teams
What does exclusion from the Second Schedule mean for Credit Suisse AG?
It means Credit Suisse AG is no longer a scheduled bank under the RBI Act, 1934, which may affect its eligibility for certain RBI facilities and its regulatory treatment in India.
When did this exclusion take effect?
The exclusion was effective from June 4, 2024, as per the notification published in the Gazette of India.
Do banks need to take any immediate action?
Yes, banks should update their records and review any dealings with Credit Suisse AG to ensure compliance with the new status.