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Krung Thai Bank ceases to be a banking company in India

Current · Source: Reserve Bank of India · RBI/2024-25/69 · issued 22 Aug 2024 · ~1 min read
Quick answerRBI notifies that Krung Thai Bank Public Company Limited has ceased to be a banking company under the Banking Regulation Act, 1949, effective from a notification dated July 3, 2024, published in the Gazette of India.
The rule, in the simplest words
How it plays out — a real example

Rohit, a senior relationship manager at State Bank of India in Mumbai, checks his daily system and sees a note that Krung Thai Bank is now marked as ‘non‑bank’. He updates the bank’s internal list, informs his team to adjust the correspondent account limits, and files the required compliance report, feeling confident that everything is now in line with the RBI’s latest notice.

What changed

RBI has officially notified that Krung Thai Bank Public Company Limited is no longer considered a banking company under the Banking Regulation Act, 1949. This cessation was formalized through a prior notification dated July 3, 2024, and published in the Gazette of India in August 2024.

What it means for you

For Indian banks and lenders, this means Krung Thai Bank no longer holds the legal status of a banking company in India, which may affect any interbank arrangements, correspondent banking relationships, or regulatory reporting involving this entity. Banks should update their records and ensure compliance with any related regulatory requirements.

What you must do

Who it affects

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

❓ Common questions

What does it mean for Krung Thai Bank to cease as a banking company?

It means the bank no longer qualifies as a banking company under the Banking Regulation Act, 1949, which may impact its operations and regulatory status in India.

When did this change take effect?

The cessation was effective from a notification dated July 3, 2024, which was published in the Gazette of India between August 17 and August 23, 2024.

Do Indian banks need to take any action?

Yes, Indian banks should update their records and review any arrangements with Krung Thai Bank to ensure compliance with the new status.

📜 Read the original circular — full text as issued by RBI
RBI/2024-25/69 DoR.RET.REC.40/12.07.160/2024-25 August 22, 2024 All Commercial and Co-operative Banks Madam / Dear Sir, Cessation of "Krung Thai Bank Public Company Limited" 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 "Krung Thai Bank Public Company Limited" has ceased to be a banking company within the meaning of the Banking Regulation Act, 1949 vide Notification DoR.LIC.No.S1999/23.13.066/2024-25 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/2024-25/69 · 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 in India, All co-operative banks in India, Banks with correspondent relationships with Krung Thai Bank), your first concrete step on “Krung Thai Bank ceases to be a banking company in India” is: “Update internal records to reflect Krung Thai Bank's cessation as a banking company in India.” (RBI issued this 22 Aug 2024).

  1. Circular: RBI/2024-25/69 -- Krung Thai Bank ceases to be a banking company in India
  2. Issued: 22 Aug 2024
  3. Action required: Update internal records to reflect Krung Thai Bank's cessation as a banking company in India.
  4. Action required: Review and adjust any interbank agreements or exposures with Krung Thai Bank accordingly.
  5. Action required: Ensure compliance with regulatory reporting requirements regarding this change.
  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=12725&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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