Meaning of Scheduled Bank

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A Scheduled Bank in India is one listed in the Second Schedule of the Reserve Bank of India Act, 1934, meeting specific criteria. Examples include ICICI Bank and HDFC Bank. Nationalised banks are government-owned. Both types are reliable and regulated by the RBI, with Scheduled Banks adhering to specific RBI Act provisions.

Prajakta Potdar

Prajakta Potdar (Querist)
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21 November 2021 Respected Sir / Madam

Please let me know the meaning of the Scheduled Bank. What is the percentage of Security towards funds invest in the Scheduled Bank? Today which banks are the examples of Scheduled Banks? Futher, What is the difference between Scheduled Bank and Nationalised Bank? Which bank is more reliable The Scheduled Bank or The Nationalised Bank? Please guide.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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21 November 2021 Scheduled Banks in India refer to those banks which have been included in the Second Schedule of Reserve Bank of India Act, 1934. Reserve Bank of India in turn includes only those banks in this Schedule which satisfy the criteria laid down vide section 42 of the said Act.
ICICI bank HDFC Bank are examples of scheduled banks.
Nationalised banks are government owned banks.
Both are reliable and controlled by RBI.

Prajakta Potdar

Prajakta Potdar (Querist)
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22 November 2021 Respected Sir
Please forward the second schedule of Reserve Bank of India Act 1934 in simple words and section 42 of the act in simple words.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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22 November 2021 See the link.

https://www.google.com/url?sa=t&source=web&rct=j&url=https://rbidocs.rbi.org.in/rdocs/publications/pdfs/84656.pdf&ved=2ahUKEwiDmeKYg6z0AhVXiFwKHexXBPsQFnoECBMQAQ&usg=AOvVaw1SxI4tWN8kHiCNN6yR3e1l

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