THE COMPLETE GUIDE TO Scheduled banks - BANKING TERMS FOR EXAMS

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.


The banks included in this schedule list should fulfil two conditions.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.

Every Scheduled bank enjoys the following facilitiess.1. Such bank becomes eligible for debts/loans on bank rate from the RBI
2. Such bank automatically acquire the membership of clearing house.

Scheduled Banks: The banks that remain in the list of banks maintained under the Bangladesh Bank Order, 1972. As for example:- Sonali, Rupali, Agrani, Janata & all private commercial Banks.

Scheduled banks enjoy certain rights such as:

Right to receive refinance facility from the apex bank

Entitled for currency chest facility.

Right to become members of clearing house

However, they are required to fulfil certain obligations like maintenance of an average daily balance of CRR (Cash Reserve Ratio) with the central bank at the rates specified by it. Add to that; these banks need to submit returns at regular intervals, to the central bank subject to the rules of Reserve Bank of India Act, 1934 and Banking Regulation Act, 1949.

Non-Scheduled Banks: The banks which are established for special and definite objective and operate under any act act but are not Scheduled Banks. These banks cannot perform all functions of scheduled banks. As for example: – Ansar VDP Unnayan Bank, Jubilee Bank, Karmashangosthan Bank, Palli Sanchay Bank

Here, the scheduled banks are categorised into two types.
1. Scheduled Commercial Banks - Public Sector
2. Scheduled Commercial Banks - Private Sector

1. List of Scheduled Commercial Banks - Public Sector

1.SBI & Associates
2.State Bank of Bikaner & Jaipur
3.State Bank of Hyderabad
4.State Bank of Mysore
5.State Bank of Patiala
6.State Bank of Travancore

There are 19 Nationalised Banks:

7.Allahabad Bank
8.Andhra Bank
9.Bank of Baroda
10.Bank of India
11.Bank of Maharashtra
12.Canara Bank
13.Central Bank of India
14.Corporation Bank
15.Dena Bank
16.Indian Bank
17.Indian Overseas Bank
18.Oriental Bank of Commerce
19.Punjab & Sind Bank
20.Punjab National Bank
21.Syndicate Bank
22.UCO Bank
23.Union Bank of India
24.United Bank of India
25.Vijaya Bank
Other Public Sector Banks:
26. IDBI Bank
27. Bhartiya Mahila Bank.

2.Scheduled Commercial Banks - Private Sector

There are 13 old Banks list
1. Catholic Syrian Bank
2. City Union Bank
3. Dhanlaxmi Bank
4. Federal Bank
5. ING Vysya Bank
6. Jammu and Kashmir Bank
7. Karnataka Bank
8. Karur Vysya Bank
9. Lakshmi Vilas Bank
10. Nainital Bank
11. Ratnakar Bank
12.South Indian Bank
13. Tamilnad Mercantile Bank

There are 7 New Banks list

14. Axis Bank
15. Development Credit Bank (DCB Bank Ltd)
16. HDFC Bank
17. ICICI Bank
18. IndusInd Bank
19. Kotak Mahindra Bank
20. Yes Bank
21. IDFC Bank
22. Bandhan Bank of Bandhan Financial Services.
All together we have 49 scheduled commercial banks in India. Along with this RBI may announce some more banks further.