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Core Purpose

Notification by the Reserve Bank of India under clause (b) of sub-section (6) of section 42 of the Reserve Bank of India Act, 1934 directing the exclusion of Fincare Small Finance Bank Limited from the Second Schedule to the RBI Act, effective 1st April 2024, following its amalgamation into AU Small Finance Bank Limited.

Detailed Summary

Dated 8th April 2024 (reference DOR.HOL.No. S173/16-02-003/2024-25), the Reserve Bank of India notes that, in exercise of powers under sub-section (4) of section 44A of the Banking Regulation Act, 1949, it had sanctioned, by Order dated 4th March 2024 published on its website, the amalgamation of Fincare Small Finance Bank Limited into AU Small Finance Bank Limited with effect from 1st April 2024; consequently, exercising powers under clause (b) of sub-section (6) of section 42 of the Reserve Bank of India Act, 1934 (2 of 1934), the Reserve Bank of India directs the exclusion of "Fincare Small Finance Bank Limited" from the Second Schedule to the said Act with effect from 1st April 2024, as that bank ceased to carry on banking business from that date; signed by Jayant Kumar Dash, Executive Director (ADVT.-III/4/Exty./112/2024-25).

Full Text

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-14052024-254188 EXTRAORDINARY PART III—Section 4 PUBLISHED BY AUTHORITY No. 343] NEW DELHI, TUESDAY, MAY 14, 2024/VAISAKHA 24, 1946 RESERVE BANK OF INDIA NOTIFICATION New Delhi, the 8th April, 2024 DOR.HOL.No. S173/16-02-003/2024-25.—Whereas, the Reserve Bank of India has, in exercise of the powers conferred by sub section (4) of section 44A of the Banking Regulation Act, 1949, accorded its sanction, vide Order dated March 04, 2024, published on the website of Reserve Bank of India, to the amalgamation of Fincare Small Finance Bank Limited into AU Small Finance Bank Limited with effect from April 01, 2024; Now, therefore, in exercise of the powers conferred by clause (b) of sub section (6) of section 42 of the Reserve Bank of India Act, 1934 (2 of 1934), the Reserve Bank of India hereby directs the exclusion of “Fincare Small Finance Bank Limited" from the Second Schedule to the said Act with effect from April 01, 2024, as that bank ceased to carry on banking business with effect from that date. JAYANT KUMAR DASH, Executive Director [ADVT.-III/4/Exty./112/2024-25]

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