Q. For a bank to be included in the RBI Act, 1934: - It requires paid up capital and reserves of at least Rs. 0.5 million (50 Lakh)
- It should satisfy the CRAR norms
- It should be not opened by a business conglomerate
Select the correct option from codes given below:
Answer:
1, 2 & 3
Notes: Scheduled banks are listed under second schedule of RBI act 1934, whereas non-scheduled banks are not listed under that schedule. Following are the characteristics of scheduled banks in India:
- These banks need to have paid up capital and reserves of at least Rs. 0.5 million (50 Lakh)
- They should satisfy the CRAR norms and other prudential norms of RBI
- They should satisfy the RBI that their business is not being conducted in a manner prejudicial to the interests of its depositors
- In our country all banks are scheduled banks except four Local Area Banks and some Non-scheduled Urban Cooperative Banks