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Credit Suisse AG removed from RBI Second Schedule

Current · Source: Reserve Bank of India · RBI/2024-25/67 · issued 22 Aug 2024 · ~1 min read
Quick answerRBI has excluded Credit Suisse AG from the Second Schedule of the RBI Act, 1934, effective June 4, 2024. This means it is no longer a scheduled bank in India, impacting its regulatory status and operations.
The rule, in the simplest words
How it plays out — a real example

A compliance officer in Mumbai will need to review all transactions with Credit Suisse AG to ensure their bank is following the new rules. They will update their internal systems to reflect the change and inform their treasury department about the exclusion of Credit Suisse AG from the Second Schedule. This will help their bank stay compliant with RBI regulations.

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

Who it affects

All commercial banks, All co-operative banks, Treasury departments, Compliance 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 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.

📜 Read the original circular — full text as issued by RBI
RBI/2024-25/67 DoR.RET.REC.38/12.07.160/2024-25 August 22, 2024 All Commercial and Co-operative Banks Madam / Dear Sir, Exclusion of “Credit Suisse AG” from the Second Schedule of the Reserve Bank of India Act, 1934 It is advised that “Credit Suisse AG” has been excluded from the Second Schedule of the Reserve Bank of India Act, 1934 vide Notification DoR.LIC.No.S1373/23.03.025/2024-25 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/2024-25/67 · issued 22 Aug 2024. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
💻 IT / Systems
  • Update internal systems to reflect Credit Suisse AG's exclusion from the Second Schedule.
📜 Compliance
  • 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.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are an IT/Systems lead at a bank this circular applies to (All commercial banks, All co-operative banks, Treasury departments, Compliance teams), your first concrete step on “Credit Suisse AG removed from RBI Second Schedule” is: “Update internal systems to reflect Credit Suisse AG's exclusion from the Second Schedule.” (RBI issued this 22 Aug 2024).

  1. Circular: RBI/2024-25/67 -- Credit Suisse AG removed from RBI Second Schedule
  2. Issued: 22 Aug 2024
  3. Action required: Update internal systems to reflect Credit Suisse AG's exclusion from the Second Schedule.
  4. Action required: Review any exposures or transactions with Credit Suisse AG for regulatory implications.
  5. Action required: Inform relevant departments (e.g., treasury, compliance) about this change.
  6. Action required: Monitor RBI's subsequent circulars for any further instructions.
  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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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12724&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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