RBI adds UBS as accredited bk in India, drops Credit Suisse from list
This story was originally published at 20:24 IST on 22 August 2024
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--RBI notifies Credit Suisse no longer an accredited bank in India
--RBI notifies UBS AG as an accredited bank in India
MUMBAI – The Reserve Bank of India today notified about the inclusion of UBS AG and the exclusion of Credit Suisse AG from the second schedule of the RBI Act, 1934. The central bank also advised that Credit Suisse AG has ceased to be a banking company as per the Banking Regulation Act, according to the notification.
On Jun 12, 2023, UBS Group AG had acquired Credit Suisse Group AG, and the combined entity operated as a consolidated banking group. Switzerland-based UBS Group had agreed to buy its embattled competitor Credit Suisse for around $3.2 bln after Credit Suisse lost the confidence of its customers and investors. A shotgun merger was engineered by Swiss authorities to avoid market-shaking turmoil in global banking.
All banks which are included in the second schedule of the RBI Act, 1934, are 'scheduled banks'. These banks comprise scheduled commercial banks and scheduled co-operative banks. A scheduled bank status implies that the entity falls under the regulation of the Reserve Bank of India and is eligible for loans from the central bank at the bank rate, and is given membership of clearing houses.
The RBI also dropped Thai Bank Public Co Ltd from the second schedule of the RBI Act, and said it has ceased functioning as a banking company in India. End
US$1 = 83.95 rupees
Reported by Sachi Pandey
Edited by Manisha Baxla
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