Question
Consider the following statements regarding Scheduled
Banks in India: 1. Scheduled Banks are those included in the Second Schedule of the RBI Act, 1934. 2. Only Public Sector Banks can be included in the Second Schedule. 3. Scheduled Banks are eligible to access RBI’s borrowing facilities and clearinghouses. Which of the above statements is/are correct?Solution
• Statement 1 is correct: The term Scheduled Bank refers to banks that are listed in the Second Schedule of the Reserve Bank of India Act, 1934. Recently, NSDL Payments Bank Limited has been added to this schedule. • Statement 2 is incorrect: It is not restricted only to Public Sector Banks. Private sector banks, foreign banks, cooperative banks, regional rural banks, and even payments banks (like NSDL Payments Bank now) can be included in the Second Schedule, provided they meet the conditions laid down by RBI. • Statement 3 is correct: Scheduled Banks enjoy various privileges such as access to RBI’s borrowing facilities, clearinghouses, and regulatory benefits, which are not available to non-scheduled banks. Thus, the correct answer is 1 and 3 only.
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