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UBS AG no longer a banking company- (Reserve Bank of India) (19 May 2016)

MANU/RMIC/0078/2016

Banking

The Reserve Bank of India notified USB AG, the Swiss multinational financial services firm, to have ceased being a ‘banking company’ under the Banking Regulation Act 1949.

Though reasons for the same have not been provided, RBI’s feud with UBS over non-cooperation in untangling multinational, allegedly fraudulent, transactions may have played a part.

Relevant : UBS’ exclusion from 2nd Sch. To RBI Act MANU/RMIC/0080/2016

Tags : UBS SWISS BANKING COMPANY BANKING ACT

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