A scheduled commercial bank is a bank:
1. Listed in schedule 2 of the Banking Regulation Act, 1949.
2. Which must have paid-up capital of Rs. 5 crores and above.
3. Listed in schedule 2 of the RBI Act 1934
Select the correct answer using the codes given below:
Explanation:
Scheduled Banks in India refer to those banks which have been included in the Second Schedule of Reserve Bank of India Act, 1934. RBI in turn includes only those banks in this Schedule which satisfy the criteria laid down vide section 42(6)(a) of the said Act. Banks not under this Schedule are called Non-Scheduled Banks.
Facilities
Every Scheduled bank enjoys two principal facilities: it becomes eligible for debts/loans at the bank rate from the RBI; and, it automatically acquires the membership of clearing house.
Paid up capital should be Rs 500 crore