What changed
The Vishweshwar Sahakari Bank Ltd., Pune has been officially included in the Second Schedule of the RBI Act, 1934, via notification dated April 7, 2025, published in the Gazette of India on May 9, 2025. This circular informs all banks of this inclusion.
What it means for you
For the banking community, this means Vishweshwar Sahakari Bank now qualifies as a scheduled bank, entitling it to borrow from RBI at the bank rate and access other central bank facilities. It also implies stricter regulatory compliance and reporting standards. Other banks should update their records and treat this entity as a scheduled bank for interbank transactions.
What you must do
- Update your internal systems to reflect Vishweshwar Sahakari Bank as a scheduled bank.
- Recognize its eligibility for RBI facilities and adjust interbank dealings accordingly.
- Ensure compliance with any regulatory requirements that apply to transactions with scheduled banks.
Who it affects
All banks in India, The Vishweshwar Sahakari Bank Ltd., Pune, Regulatory compliance teams, Interbank operations departments
What does inclusion in the Second Schedule mean for Vishweshwar Sahakari Bank?
It becomes a scheduled bank, gaining access to RBI's lending window at the bank rate and other privileges, while also facing enhanced regulatory oversight.
When did this inclusion take effect?
The notification was issued on April 7, 2025, and published in the Gazette on May 9, 2025. The circular was released on May 27, 2025.
Do other banks need to take any action?
Yes, update internal records to treat Vishweshwar Sahakari Bank as a scheduled bank for all interbank transactions and regulatory reporting.