State the Conditions of Schedule Bank:- In this post we share complete details about State the Conditions of Schedule Bank in English.
Que. What are the condition(s) of schedule bank?
- It has paid-up capital and reserves of at least Rs.25 lakhs
- It ensures the Reserve Bank that its operations are not detrimental to the interest of the depositers
- It is a Commercial or a Cooperative bank and not partnership of a single owner firm
- All the above
Answer = D
Scheduled Banks are the banks that are included in the Second Schedule of the Reserve Bank of India Act, 1934. The banks that satisfy the criteria laid down vide section 42(6)(a) of the RBI Act are included in the schedule.
No.-1. Every Scheduled bank has the eligibility for debts/loans at the bank rate from the RBI.
No.-2. The membership of the clearinghouse is acquired by the bank automatically.
No.-3. The Scheduled banks also comprises of Scheduled Commercial banks and Scheduled Co-operative banks.
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Criteria for a Scheduled Banks:
No.-1. Scheduled Banks are those banks whose minimum paid up capital and reserve and amount to 25 lakh.
No.-2. These bank have to submit details of their activities to the Reserve Bank of India every week.
No.-3. 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: –
No.-1. Public Sector Scheduled Banks in India.
No.-2. Private Sector Scheduled Banks in India.
No.-3. Foreign Scheduled Banks in India.