BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is not a part of the scheduled banking structure in India? [Corporation Bank 2011]
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Money Lenders
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Public Sector Banks
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Private Sector Banks
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Regional Rural Banks
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Explanation:
Detailed explanation-1: -All banks which are not included in the second section of the Reserve Bank of India Act, 1934 are Non-scheduled Banks. They are not eligible to borrow from the RBI for normal banking purposes except for emergencies. Scheduled banks are further divided into commercial and cooperative banks.
Detailed explanation-2: -Non-scheduled Bank in India means “a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949, which is not a scheduled bank’.
Detailed explanation-3: -all the RRBs, Cooperative Banks, Indian, and foreign commercial banks belong to the scheduled banks category. Scheduled banks are further classified into commercial banks and cooperative banks.
There is 1 question to complete.