Central

Schedule 1 of The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970

↩1.Subs. by Act 81 of 1985, s. 10, for “United Commercial Bank” (w.e.f. 30-12-1985).

THE FIRST SCHEDULE (See sections 2, 3 and 4) Existing bank Corresponding new bank Column 1 Column 2 The Central Bank of India Limited Central Bank of India. The Bank of India Limited Bank of India. The Punjab National Bank Limited Punjab National Bank The Bank of Baroda Limited Bank of Baorda. The United Commercial Bank Limited ¹[UCO Bank.] Canara Bank Limited Canara Bank. United Bank of India Limited United Bank of India. Dena Bank Limited Dena Bank. Syndicate Bank Limited Syndicate Bank. The Union Bank of India Limited Union Bank of India Allahabad Bank Limited Allahabad Bank Existing bank Corresponding new bank The Indian Bank Limited Indian Bank. The Bank of Maharashtra Limited Bank of Maharashtra. The Indian Overseas Bank Limited Indian Overseas Bank. 21

Summary

The First Schedule lists the fourteen large private banks that were nationalized and their newly established public bank counterparts.
Column 1 contains the names of the original private banking companies, such as The Central Bank of India Limited and Canara Bank Limited.
Column 2 contains the names of the corresponding new corporate banks, such as Central Bank of India and Canara Bank.
This schedule is directly tied to Section 2 (for definitions), Section 3 (for creating the new banks), and Section 4 (for transferring the private bank assets and debts to the new public banks).
It covers fourteen specific pairs of banks, showing exactly which new bank takes over the business of which old bank.
It was amended in 1985 to change the name of the new bank taking over The United Commercial Bank Limited to UCO Bank.

Practical examples

1In March 1970, a depositor named Ramesh who had a savings account with Canara Bank Limited finds that under Schedule 1, his account and deposits are transferred to the newly formed Canara Bank.

2In 1986, a customer named Lalit writes a cheque. Instead of writing United Commercial Bank, he writes UCO Bank because the First Schedule was amended in 1985 to update the bank's official name.

FAQ

1. How many banking companies are listed in the First Schedule?

There are fourteen private banking companies listed in Column 1 and their fourteen corresponding new banks listed in Column 2.

2. What is the relationship between Column 1 and Column 2 of the First Schedule?

Column 1 lists the "Existing Bank" (the old private bank) and Column 2 lists the "Corresponding New Bank" (the new public bank) that takes over its entire business and assets.

3. Was any name in Column 2 changed after the Act was passed in 1970?

Yes, "United Commercial Bank" was changed to "UCO Bank" by an amending act in 1985.

Test yourself

Q1.Under Schedule 1 of The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, which of the following is the corresponding new bank for "The Central Bank of India Limited"?

Q2.Under Schedule 1 of The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, read with Section 4, what is the legal effect of the pairing of banks listed in Column 1 and Column 2?

Q3.Under Schedule 1 of The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, which corresponding new bank's name was amended in 1985 from "United Commercial Bank" to its modern short form?

Q4.Under Schedule 1 of The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, read with Section 2, what was the minimum deposit threshold on the last Friday of June 1969 for a private banking company to be listed in Column 1 of this Schedule?

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