Vijaya Bank, Dena bank removed from second schedule of RBI Act

The Reserve Bank of India on November 28 said it has excluded Vijaya Bank and Dena Bank from the second schedule of the RBI Act, with effect from April 1, 2019.

"Vijaya Bank and Dena Bank have been excluded from the second schedule to the Reserve Bank of India Act, 1934 with effect from April 1, 2019, since they have ceased to carry on banking business with effect from April 1, 2019," RBI said in a notification.

The public sector lenders were merged into Bank of Baroda at the beginning of the current financial year and, hence, ceased to operate as banking companies separately.