The Reserve Bank of India (RBI) has dropped the names of six state-owned banks, including Oriental Bank of Commerce (OBC) and Allahabad Bank, from the second schedule of the RBI Act. The Reserve Bank has given this information by issuing a notification. These six banks are Syndicate Bank, Oriental Bank of Commerce, United Bank of India, Andhra Bank, Corporation Bank and Allahabad Bank.
All these banks have been merged. This is the reason that the RBI has excluded from the list. Let us tell you that the bank included in the Second Schedule of the Reserve Bank of India Act is known as Scheduled Commercial Bank.
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