What changed
RBI notified that the name 'The Dhanalakshmi Bank Limited' has been replaced with 'Dhanlaxmi Bank Limited' in the Second Schedule to the RBI Act, 1934. The change was effective from August 10, 2010, as per notification dated November 03, 2010, published in the Gazette of India (Part III- Section 4) on January 1, 2011.
What it means for you
This is a routine administrative update reflecting the bank's legal name change in RBI's official records. For other banks and lenders, it means updating any internal systems, contracts, or references that use the old name to avoid discrepancies in regulatory filings or interbank transactions.
What you must do
- Update your internal databases and systems to reflect the new name 'Dhanlaxmi Bank Limited' for all interbank transactions and reporting.
- Review and amend any existing contracts, agreements, or correspondence referencing the old name to ensure legal consistency.
- Inform your operations and compliance teams about this change to avoid errors in regulatory submissions or fund transfers.
Who it affects
All scheduled commercial banks in India, Dhanlaxmi Bank Limited (formerly The Dhanalakshmi Bank Limited), Banking operations and compliance teams handling interbank transactions
When did the name change become effective?
The name change was effective from August 10, 2010, as per the RBI notification.
Do I need to update my bank's records for this change?
Yes, if your bank has any references to 'The Dhanalakshmi Bank Limited' in contracts, systems, or regulatory filings, you should update them to 'Dhanlaxmi Bank Limited' to ensure accuracy.