What changed
RBI notified that Credit Suisse A.G. has been added to the Second Schedule of the RBI Act, 1934, via a notification dated March 8, 2011, published in the Gazette of India on April 2, 2011. This inclusion was communicated to all scheduled commercial banks through a circular dated June 1, 2011.
What it means for you
Credit Suisse A.G. now qualifies as a scheduled bank under Indian law, meaning it must maintain cash reserve ratio (CRR) and statutory liquidity ratio (SLR) with RBI. For Indian banks, this expands the list of counterparties eligible for interbank transactions and regulatory reporting.
What you must do
- Update your internal records to reflect Credit Suisse A.G. as a scheduled bank.
- Ensure compliance with CRR/SLR norms when dealing with Credit Suisse A.G. for interbank operations.
- Review counterparty limits and exposure norms for this newly scheduled entity.
Who it affects
All scheduled commercial banks in India, Treasury and risk management teams, Regulatory compliance departments
What does inclusion in the Second Schedule mean for Credit Suisse A.G.?
It means Credit Suisse A.G. is now recognized as a scheduled bank under the RBI Act, 1934, and must follow RBI's reserve requirements (CRR/SLR) and reporting norms.
When did this inclusion take effect?
The notification was issued on March 8, 2011, and published in the Gazette on April 2, 2011. Banks were informed via circular on June 1, 2011.
Does this affect existing transactions with Credit Suisse A.G.?
Yes, going forward all interbank transactions with Credit Suisse A.G. must comply with scheduled bank regulations, including reserve maintenance and reporting.