BANKING AFFAIRS

Detailed explanation-1: -All banks which are included in the Second Schedule to the Reserve Bank of India Act, 1934 are Scheduled Banks. These banks comprise Scheduled Commercial Banks and Scheduled Co-operative Banks.

Detailed explanation-2: -ii) The Foreign Bank, “Westpac Banking Corporation”, was included in the second schedule of the Reserve Bank of India Act, 1934 with effect from January 12, 2013.

Detailed explanation-3: -By definition, any bank which is listed in the 2nd schedule of the Reserve Bank of India Act, 1934 is considered a scheduled bank. The Schedule consists of those banks which satisfy various parameters, criteria under clause 42 of this act.