 | ||
Scheduled Banks in India refer to those banks which have been included in the Second Schedule of Reserve Bank of India Act, 1934. RBI in turn includes only those banks in this Schedule which satisfy the criteria laid down vide section 42(6)(a) of the said Act. Banks not under this Schedule are called Non-Scheduled Banks.
Contents
Facilities
Every Scheduled bank enjoys two principal facilities: it becomes eligible for debts/loans at the bank rate from the RBI; and, it automatically acquires the membership of clearing house.
Internal Classification
The Scheduled banks comprise Scheduled Commercial Banks and Scheduled Co-operative banks. The further classification of is as follows:
References
Scheduled Banks (India) Wikipedia(Text) CC BY-SA