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Krung Thai Bank removed from RBI Second Schedule

Current · Source: Reserve Bank of India · RBI/2024-25/68 · issued 22 Aug 2024 · ~1 min read
Quick answerRBI has excluded Krung Thai Bank Public Company Limited from the Second Schedule of the RBI Act, 1934, effective July 3, 2024. This means the bank is no longer a scheduled bank under Indian law.
The rule, in the simplest words
How it plays out — a real example

A compliance officer at a co-operative bank in Mumbai reviews her bank's list of foreign bank partners. She sees Krung Thai Bank is now marked as non-scheduled, so she updates the system and reminds her team to follow stricter rules for any new transactions with them.

What changed

RBI notified that Krung Thai Bank Public Company Limited has been removed from the Second Schedule of the RBI Act, 1934. The exclusion was formalized via Notification DoR.LIC.No.S1998/23.13.066/2024-25 dated July 3, 2024, and published in the Gazette of India (Part III - Section 4) from August 17-23, 2024.

What it means for you

This bank loses its scheduled bank status in India, which affects its eligibility for certain RBI facilities and privileges. Indian banks and co-operative banks dealing with Krung Thai Bank should review their exposure and ensure compliance with regulations for non-scheduled foreign banks.

What you must do

Who it affects

All commercial banks, All co-operative banks, Banks with correspondent relationships with Krung Thai Bank

❓ 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?

It means the bank is no longer classified as a scheduled bank under the RBI Act, 1934, losing access to certain central bank facilities like liquidity support and priority in clearing.

When did this exclusion take effect?

The exclusion was effective from July 3, 2024, as per the RBI notification, and was published in the Gazette of India on August 17-23, 2024.

📜 Read the original circular — full text as issued by RBI
RBI/2024-25/68 DoR.RET.REC.39/12.07.160/2024-25 August 22, 2024 All Commercial and Co-operative Banks Madam / Dear Sir, Exclusion of “Krung Thai Bank Public Company Limited” from the Second Schedule of the Reserve Bank of India Act, 1934 It is advised that “Krung Thai Bank Public Company Limited” has been excluded from the Second Schedule of the Reserve Bank of India Act, 1934 vide Notification DoR.LIC.No.S1998/23.13.066/2024-25 dated July 3, 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/2024-25/68 · issued 22 Aug 2024. The plain-English explanation above is BankPulse’s own independent summary.
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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, Banks with correspondent relationships with Krung Thai Bank), your first concrete step on “Krung Thai Bank removed from RBI Second Schedule” is: “Update your internal records to reflect Krung Thai Bank's non-scheduled status.” (RBI issued this 22 Aug 2024).

  1. Circular: RBI/2024-25/68 -- Krung Thai Bank removed from RBI Second Schedule
  2. Issued: 22 Aug 2024
  3. Action required: Update your internal records to reflect Krung Thai Bank's non-scheduled status.
  4. Action required: Review any existing credit or correspondent banking relationships with Krung Thai Bank for regulatory implications.
  5. Action required: Ensure compliance with RBI guidelines applicable to transactions with non-scheduled foreign banks.
  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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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12723&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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