What do you mean by Schedule Commercial Bank?
Scheduled Commercial Banks in India
Unscheduled Banks in India
Scheduled Banks in India constitute those banks which have been included in the Second Schedule of Reserve Bank of India(RBI) 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 Act.
As on 30th June, 1999, there were 300 scheduled banks in India having a total network of 64,918 branches.The scheduled commercial banks in India comprise of State bank of India and its associates (8), nationalised banks (19), foreign banks (45), private sector banks (32), co-operative banks and regional rural banks.
"Scheduled banks in India" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), a corresponding new bank constituted under section 3 of the Bank ...more
1. The paid capital and collected funds of bank should not be less than Rs. 5 lac.
2. Any activity of the bank will not adversely affect the interests of depositors
a) Scheduled Commercial banks and
b) Unscheduled Commercial Banks.
Those banks which fulfill the conditions laid down by the Second Schedule of Reserve Bank of India Act 1934, vide section 42 (6), are called Scheduled Commercial Banks and other banks are known as Unscheduled Commercial Banks.
Scheduled Banks of India can be further categorized into
a) Public sector banks,
b) old private sector banks,
c) new private sector banks and
d) foreign banks.
Public Sector Banks are widely known as Nationalized banks of India.