Hey,
One day my friend casually asked me, do you know how many types of banks there are in India?. I knew the answer to it. He again asked me what is scheduled commercial bank? I didn’t know the answer to this. I took out my phone and searched for the meaning. Keep reading to know what I learned.
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What is meant by scheduled commercial bank ?
They are commercial banks that are enlisted in the second schedule of RBI or Reserve Bank of India Act, 1934. For a bank to be qualified as a ‘scheduled bank’, the paid-up capital and raised funds both need to be more than Rs.5 lakhs.
Scheduled banks specifically get low-interest loans from RBI. They also get to be members of clearinghouses. My research further told me that scheduled commercial banks can be categorised into 5 groups. The categorization is based on ownership and the nature of the operation.
Now that you know what is scheduled commercial banks , read the list of bank groups:(i) State Bank of India (SBI) and its Associates
(ii) Nationalised Banks
(iii) Private Sector Banks
(iv) Foreign Banks
(v) Regional Rural Banks.
All the regulations that need to be followed by a scheduled commercial bank are mentioned in the Banking Regulation Act, 1949.” There are roughly 27 Public Sector Banks in the country. The count for nationalised banks in India is nineteen. There are two or three Other Public Sector Banks in India as well.
This is all from my end on what is scheduled commercial bank.
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Authors Of The Question
What is scheduled commercial bank ?
Farah
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2 Year
2022-04-19T08:27:44+00:00 2022-05-04T16:02:53+00:00Comment
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