Consider the following statements regarding Scheduled Commercial Banks 1 The scheduled commercial ba...........

Indian Economic System Money and banking

Download Solution PDF

Consider the following statements regarding Scheduled Commercial Banks:

1. The scheduled commercial banks are those banks which are included in the first schedule of RBI Act 1934.

2. Regional Rural Banks and Scheduled Cooperative Banks are types of Scheduled Commercial Banks.

Which of the above statements is/are correct?

1 only

2 only

Both 1 and 2

Neither 1 nor 2

छोटे Courses बड़े Results

Master Money and banking

Prepare through Micro-courses

Try Now

Explanation:

Statement 1 is incorrect: The scheduled commercial banks are those banks which are included in the second schedule of RBI Act 1934. Supplementary notes: Scheduled Commercial Banks The scheduled commercial banks are those banks which are included in the second schedule of RBI Act 1934 and which carry out the normal business of banking such as accepting deposits, giving out loans and other banking services.

Scheduled Commercial Banks includes:

Public Sector Banks: SBI & Associates; Nationalized Banks and Other Public Sector Banks

Private Banks

Foreign Banks

Regional Rural Banks

Scheduled Cooperative Banks The major difference between Scheduled Commercial Banks and Scheduled Cooperative Banks is their holding pattern, since cooperatives are registered under the Cooperative Societies Act as cooperative credit institutions.