RBI allows Bank of China to offer regular banking services in India

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Published: August 1, 2019 9:13:47 PM

Further, the name of 'The Royal Bank of Scotland plc' has been changed to 'NatWest Markets Plc' in the Second Schedule.

Meanwhile, ‘National Australia Bank’ has ceased to be a banking company within the meaning of the Banking Regulation Act, the RBI said and added that it has been excluded from the Second Schedule.

The Reserve Bank of India (RBI) on Thursday allowed Bank of China to offer regular banking services in the country. All commercial banks, like SBI, HDFC Bank, Punjab National Bank and ICICI Bank, are in the Second Schedule. Banks falling under this schedule have to adhere to the norms of the RBI.

“We advise that the ‘Bank of China Limited’ has been included in the Second Schedule to the Reserve Bank of India Act, 1934…,” the central bank said. In another notification, the RBI said ‘Jana Small Finance Bank Limited’ too has been included in the Second Schedule.

Further, the name of ‘The Royal Bank of Scotland plc’ has been changed to ‘NatWest Markets Plc’ in the Second Schedule.  Meanwhile, ‘National Australia Bank’ has ceased to be a banking company within the meaning of the Banking Regulation Act, the RBI said and added that it has been excluded from the Second Schedule.

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