Mumbai: Bank of China got permission to offer its regular banking services in India. ‘Bank of China Limited’ has been included in the Second Schedule to the Reserve Bank of India Act, 1934. All commercial banks in India fall under Second Schedule, and they have to abide to the norms of the RBI.
‘Jana Small Finance Bank Limited’ too has been included in the Second Schedule.
The RBI said, “‘National Australia Bank’ has ceased to be a banking company within the meaning of the Banking Regulation Act and t has been excluded from the Second Schedule.”