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
- Update internal records to reflect Krung Thai Bank's cessation as a banking company in India.
- Review and adjust any interbank agreements or exposures with Krung Thai Bank accordingly.
- Ensure compliance with regulatory reporting requirements regarding this change.
Who it affects
All commercial banks in India, All co-operative banks in India, Banks with correspondent relationships with Krung Thai Bank
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.