BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A corporative or company incorporated by any law in force in any place in India
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An institution notified by GOI
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A company as defined by companies act, 2013
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All of the above
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Detailed explanation-1: -To qualify as a scheduled bank, the paid-up capital and collected funds of the bank must not be less than Rs5 lakh. Scheduled banks are eligible for loans from the Reserve Bank of India at bank rate, and are given membership to clearing-houses.
Detailed explanation-2: -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. Was this answer helpful?
Detailed explanation-3: -The RBI grants a scheduled bank status to a financial institution only if it meets certain criteria in the RBI Act of 1934 and the Banking Regulation Act of 1949.