BANKING AFFAIRS

Detailed explanation-1: -Scheduled banks are those banks that are listed under Schedule II of the Reserve Bank of India Act, 1934. The bank’s paid-up capital and raised funds must be at least Rs. 5 lakh to qualify as a scheduled bank.

Detailed explanation-2: -100 crore from the date of commencement of business. However they will have to increase their minimum net worth to Rs. 200 crore within five years from the date of commencement of business.

Detailed explanation-3: -The scheduled banks are those banks that are listed in the second schedule of the RBI Act 1934. But a bank needs to have a paid-up capital and raised funds of at least Rs. 5 lakh to be eligible as a scheduled bank.

Detailed explanation-4: -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-5: -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. 2.