Scheduled Bank

Tax Glossary Definition

Scheduled Bank

Scheduled banks, listed under the Reserve Bank of India Act, 1934's second schedule, require a minimum sum of Rs 5 lakh in raised funds and paid-up capital. The Reserve Bank of India provides scheduled banks with low-interest loans and membership in clearing houses as per obligation.

Example:

Banks like:

  • State Bank of India (SBI)

  • Punjab National Bank (PNB)

  • HDFC Bank

  • ICICI Bank

  • Bank of Baroda

  • Axis Bank

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