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A scheduled bank, in India, refers to a bank which is listed in the 2nd Schedule of the Reserve Bank of India Act, 1934. Banks not under this Schedule are called non-scheduled banks. Scheduled banks are usually private, foreign and nationalised banks operating in India. However, cooperative banks are allowed to seek scheduled bank status if they satisfy certain criteria. A scheduled bank is eligible for loans from the Reserve Bank of India at bank rate. They are also given membership to clearing houses.
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Classification
The further classification of scheduled banks is as follows:
- Scheduled commercial banks
- Nationalised banks
- State Bank of India and its associates
- Regional Rural Bank (RRBs)
- Foreign banks
- Other Indian private sector banks
- Scheduled State Co-operative Banks
- Scheduled Urban Co-operative Banks
- Foreign Private Banks
Source of the article : Wikipedia
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