The Reserve Bank of India has issued two notifications formalising the cessation of Coöperatieve Rabobank U.A. as a banking company in India and its consequent removal from the Second Schedule to the Reserve Bank of India Act, 1934.
In a notification, issued under Section 36A(2) of the Banking Regulation Act, 1949, the RBI notified that Coöperatieve Rabobank U.A. has ceased to be a banking company within the meaning of the Act.
In a separate notification issued on the same day under clause (b) of sub-section (6) of Section 42 of the Reserve Bank of India Act, 1934, the central bank directed the exclusion of Coöperatieve Rabobank U.A. from the Second Schedule to the RBI Act.
The Second Schedule contains the list of scheduled banks recognised under the Reserve Bank of India Act. With the latest notification, the name of Coöperatieve Rabobank U.A. stands removed from this list.
