BANKING AFFAIRS

Detailed explanation-1: -Second schedules of RBI Act, 1934 Under this schedule, the banks should raise at least Rs 5 lakhs and capital. The banks added in the second schedule are known as scheduled banks, and these banks include scheduled cooperative banks and scheduled commercial banks.

Detailed explanation-2: -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-3: -The act provides for the Constitution management and functions of the RBI. It also empowers it to exercise control and regulations, over the Commercial Banks, the non-banking finance companies and the financial institutions. The Act is divided into 61 Sections and four schedules.