RBI Adds Four Co-operative Banks to the Second Schedule of 1934 Act
The Reserve Bank of India has updated the Second Schedule of the RBI Act, 1934, to include Contai, Prime, Shri Veershaiv, and Varachha Co-operative Banks. The notification, issued May 8, 2026, grants these institutions status as scheduled banks. Inclusion in the Second Schedule to the Reserve Bank of India Act, 1934- Co The names of the following four Co-operative Banks have been included in the Second Schedule to the Reserve Bank of India Act, 1934.
Following a notification dated May 8, 2026 (published in the Gazette of India on May 20, 2026), the RBI has formally included four regional lenders in the Second Schedule of the Reserve Bank of India Act, 1934. This status change grants these banks access to liquidity facilities and clearing house memberships while requiring them to maintain a Cash Reserve Ratio (CRR) directly with the central bank.
| Bank Name | Headquarters |
|---|---|
| Contai Co-operative Bank Ltd | Contai |
| Prime Co-operative Bank Ltd | Surat |
| Shri Veershaiv Co-operative Bank Ltd | Kolhapur |
| The Varachha Co-operative Bank Ltd | Surat |
Glossary
Second Schedule: A classification under the RBI Act, 1934, comprising banks that meet regulatory capital standards and are eligible for specific central bank credit facilities.
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