Exclusion of “Oriental Bank of Commerce” and “United Bank of India” from the Second Schedule to the Reserve Bank of India Act, 1934 and cessation as banking company

Last updated: 01 October 2020

Save Share

Quick Summary

The Reserve Bank of India (RBI) has officially excluded Oriental Bank of Commerce and United Bank of India from the Second Schedule of the RBI Act, 1934. This exclusion took effect from April 1, 2020, as both banks ceased to operate as banking companies from the same date. This change follows a notification issued on March 27, 2020, and was published in the Gazette of India.

RBI/2020-21/46
DOR.No.Ret.BC.19/12.07.150/2020-21

September 30, 2020

All Banks

Madam/Sir

Exclusion of “Oriental Bank of Commerce” and “United Bank of India” from the Second Schedule to the Reserve Bank of India Act, 1934 and cessation as banking company

We advise that “Oriental Bank of Commerce” and “United Bank of India” have been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 with effect from April 01, 2020 since they have ceased to carry on banking business with effect from April 01, 2020 vide Notification DOR.No.Ret.BC.56/12.01.001/2019-20 dated March 27, 2020, which is published in the Gazette of India (Part III - Section 4) dated September 26 – October 02, 2020.

Yours faithfully

(Sudhansu Mohan Parida)
General Manager

FAQ :

Oriental Bank of Commerce and United Bank of India have been excluded.

The exclusion took effect from April 1, 2020.

They were excluded because they ceased to carry on banking business from April 1, 2020.

Yes, the change was published in the Gazette of India on September 26 – October 02, 2020.

Notification No : RBI/2020-21/46 DOR.No.Ret.BC.19/12.07.150/2020-21
Source : https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11974&Mode=0

167 Views Comment Share Community & General Report

Notification posted by

CCI News Desk

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

Comments