Which among the following groups of Banks in India was previously referred as ‘Other Scheduled Commercial Banks’?

Question

The correct answer is "Private Banks." In India, "Other Scheduled Commercial Banks" referred to banks that did not fall into the categories of National Banks or Foreign Banks. Private Banks, which are owned by private entities, were classified under this term before the regulatory framework evolved. As of now, the Reserve Bank of India (RBI) categorizes banks into various groups, including Public Sector Banks, Private Sector Banks, Foreign Banks, and Scheduled Cooperative Banks. Notably, the first private bank in India was the "Oudh Commercial Bank," established in 1881.

GKToday Admin · Accepted Answer

Private Banks The correct answer is "Private Banks." In India, "Other Scheduled Commercial Banks" referred to banks that did not fall into the categories of National Banks or Foreign Banks. Private Banks, which are owned by private entities, were classified under this term before the regulatory framework evolved. As of now, the Reserve Bank of India (RBI) categorizes banks into various groups, including Public Sector Banks, Private Sector Banks, Foreign Banks, and Scheduled Cooperative Banks. Notably, the first private bank in India was the "Oudh Commercial Bank," established in 1881.

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