Scheduled Banks Current Affairs, GK & News

Why were six PSBs excluded from Schedule II of RBI act recently?

On September 30, 2020, the Reserve Bank of India excluded six public sector banks from the Second Schedule of RBI Act. This was done following their merger with other banks. These six banks are Oriental Bank of Commerce (OBC), Syndicate Bank, United Bank of India, Corporation Bank, Andhra Bank and Allahabad Bank. Highlights There were ..

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ESAF Small Finance Bank (SFB) getsRBI nod to operate as a scheduled bank

As per 2nd schedule of the RBI Act of 1934, the ESAF Small Finance Bank (SFB) Ltd has got approval from Reserve Bank of India (RBI) to operate as a scheduled bank. This makes ESAF the fifth scheduled bank from Kerala after Federal Bank, South Indian Bank, Catholic Syrian Bank, and Dhanlaxmi Bank. Being a ..

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Private Sector Banks in India

Private Sector Banks refer to those banks where most of the capital is in private hands. In India, there are two types of private sector banks viz. Old Private Sector Banks and New Private Sector Banks. Old private sector banks are those which existed in India at the time of nationalization of major banks but ..

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Major Provisions of Reserve Bank of India Act, 1934

Reserve Bank of India Act, 1934 was enacted on 6 March, 1934 to constitute the Reserve Bank of India. This law commended from April 1, 1935. It provides framework for the supervision of banks and other related matters. Important Provisions Section-3 Section 3 of the RBI act provides for establishment of Reserve Bank of India ..

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