Abu Dhabi Bank included in the Second Schedule of RBI Act

Abu Dhabi Bank included in the Second Schedule of RBI Act

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The Reserve bank has included the National Bank of Abu Dhabi PJSC (NBAD) in second schedule of RBI Act, 1934. It was released by RBI in a notification.

Points to note

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  • NBAD is the leading bank in middle east
  • It has its global presence in around 17 countries
  • It is spread over overseas territories and five continents
  • The countries in which NBAD has its branches are China, Hong Kong, Malaysia, India, Oman, the UAE, Kuwait, Bahrain, Jordan, Lebanon, Egypt, Sudan, France, Switzerland, the UK, USA and Brazil

Abu Dhabi bank

  • Founded in: 1968
  • Headquarters: NBAD tower in Abu Dhabi

Facts to be known

  • NBAD is the largest lender in Abu Dhabi and second largest lender in UAE
  • It has largest market capitalization among other UAE banks
  • It was the first UAE bank to operate overseas
  • It started its first overseas operation in Cairo, Egypt

RBI Act, 1934

  • The act contains the definition of scheduled banks
  • It was enacted in March,1934
  • Schedule banks are banks with a paid up capital of minimum 25 lakh
  • Schedule banks include nationalized and private banks listed in 2nd schedule of RBI act, 1934