Scheduled Banks in India are those banks which have been included in the Second Schedule of Reserve Bank of India (RBI) Act, 1934. Reserve Bank of India (RBI) in turn includes only those banks in this schedule which satisfy the criteria mentioned on section 42 (6) (a) of the Reserve Bank of India Act 1934.
Criteria for a Scheduled Banks:
- Scheduled Banks are those banks whose minimum paid up capital and reserve and amount to 25 lakh.
- These bank have to submit details of their activities to the Reserve Bank of India every week.
- These banks are listed on the second schedule of the Reserve Bank of India Act 1934.
There are three types of Scheduled Bank in India and they are: –
Scheduled Commercial Banks in India are categorized into five different groups according to their ownership and / or nature of operation. These bank groups are
- State Bank of India and its Associates,
- Nationalised Banks,
- Regional Rural Banks,
- Foreign Banks and
- Other Indian Scheduled Commercial Banks (in the private sector).
Total Number of Scheduled Bank in India:
As of May 21, 2014 there are total 90 Scheduled banks in India.
Bharatiya Mahila Bank (BMB) on May 21, 2014 included in the second schedule of RBI Act 1934.