Question : Fino Payments Bank now become a scheduled bank, regarding this RBI has notified the inclusion of Fino Payments Bank in the Schedule of the Reserve Bank of India Act, 1934. This inclusion done in which schedule of the Reserve Bank of India Act, 1934 ?
(a)Second Schedule
(b)Third Schedule
(c)Fourth Schedule
(d)Fifth Schedule
Ans.(a)
Related facts
- Fino Payments Bank now become a scheduled bank, regarding this RBI has recently(February 2021)notified the inclusion of Fino Payments Bank in the Second Schedule of the Reserve Bank of India Act, 1934.
- Scheduled Banks
- All banks which are included in the Second Schedule to the Reserve Bank of India Act, 1934 are Scheduled Banks.
- These banks comprise Scheduled Commercial Banks and Scheduled Co-operative Banks.
- Significance of being a scheduled bank
- Becomes eligible for debts/loans at the bank rate from the RBI
- Automatically acquires the membership of clearing house
- Rediscount of first class exchange bills from the RBI
Category of scheduled commercial banks
Scheduled Commercial Banks in India are categorised 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
Other Indian Scheduled Commercial Banks (in the private sector)
By — Pankaj Pandey.