The Reserve Bank of India grants permission to Bank of China for initiating regular banking services in the country. All the banks falling under the category of the Second Schedule have to adhere to the new 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,” a spokesperson of the central bank informed.
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National Australia Bank lost its place in the Second Schedule of RBI after it ceased to be a banking company within the meaning of the Banking Regulation Act.
SBI, HDFC Bank, Punjab National Bank, and ICICI Bank, all these commercial banks fall under the Second Schedule.
The RBI regulated another notification regarding the ‘Jana Small Finance Bank Limited’ to be also a part of the Second Schedule. National Australia Bank lost its place in the Second Schedule of RBI after it ceased to be a banking company within the meaning of the Banking Regulation Act.
Furthermore, the name of 'The Royal Bank of Scotland plc' has been changed to 'NatWest Markets Plc' in the Second Schedule.
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