What is the difference between scheduled and unscheduled bank?
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.
Non？scheduled bank in India" means a banking company as defined in
clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of
1949), which is not a scheduled bank".
Related Q&A：
What are features of scheduled banks？Oh boy, let me tell you about the features of scheduled banks. Well, for starters, they are usually regulated by the government to ensure financial stability and protect depositors' interests. They offer a wide range of services like savings accounts, checking accounts, loans, and credit facilities. They have standardized interest rates and fees, and they have to follow strict reporting and compliance requirements. Also, they often have better security measures to safeguard your money. And, you know, they have a reputation for reliability and trustworthiness. That's what makes scheduled banks stand out!
