Big decision by RBI! Delists these six PSU banks from second schedule

The Reserve Bank of India (RBI) has delisted six state owned banks from its second schedule. The Central Bank of India said that the delisting has been done owing to the merger of those banks with other Public Sector Undertaking (PSU) banks. The six PSU banks being delisted from the second schedule of the RBI are — Syndicate Bank, Oriental Bank of Commerce (OBC), United Bank of India, Andhra Bank, Corporation Bank and Allahabad Bank. OBC and United Bank of India have been merged with the Punjab National Bank (PNB); Syndicate Bank with Canara Bank; Andhra Bank and Corporation Bank have been merged with Union Bank of India while Allahabad Bank has been merged with the Indian Bank. The RBI has already issued notification in this regard.

The RBI notification about the Syndicate Bank read, "We advise that “Syndicate Bank” has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 with effect from April 01, 2020 since it has ceased to carry on banking business with effect from April 01, 2020 vide Notification DOR.No.Ret.BC.57/12.01.001/2019-20 dated March 27, 2020, which is published in the Gazette of India (Part III - Section 4) dated September 26 – October 02, 2020."

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On Oriental Bank of Commerce and United Bank of India the RBI notification said, "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."

On Andhra Bank and Corporation Bank the RBI notification announced, "We advise that “Andhra Bank” and “Corporation Bank” 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.55/12.01.001/2019-20 dated March 27, 2020, which is published in the Gazette of India (Part III - Section 4) dated September 26 – October 02, 2020."

Similarly on Allahabad Bank the RBI notification said, "We advise that “Allahabad Bank” has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 with effect from April 01, 2020 since it has ceased to carry on banking business with effect from April 01, 2020 vide Notification DOR.No.Ret.BC.54/12.01.001/2019-20 dated March 27, 2020, which is published in the Gazette of India (Part III - Section 4) dated September 26 – October 02, 2020."