RBI Update: Cessation of “Abu Dhabi Commercial Bank PJSC” as a banking company within the meaning of sub section (2) of Section 36 A of Banking Regulation Act, 1949, Exclusion of “Abu Dhabi Commercial Bank PJSC” from the Second Schedule to the Reserve Bank of India Act, 1934.

RBI vide its Notification dated 27^th March 2023 to All Banks  

RBI issued a notification announcing the cessation of Abu Dhabi Commercial Bank as a banking company under the Banking Regulation Act, 1949, which has been published in the Gazette of India (Part III – Section 4) dated March 25 – March 31, 2023. As a result, the Abu Dhabi Commercial Bank would no longer be able to carry on banking business in India.

Along with the cessation of Abu Dhabi Commercial Bank as banking company, the RBI also excluded the bank from the Second Schedule to the Reserve Bank of India Act, 1934. As a result, the Abu Dhabi Commercial Bank will no longer listed in the Second Schedule, and therefore, will not able to operate in India as a banking company.

Links:

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12464&Mode=0

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12463&Mode=0