Question
What do you mean by a scheduled bank? Classify it in various types along with one example of each.
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Answer
Schedule bank:
- A bank which is listed in the $2nd$ schedule of the $RBI$ Act, $1934$ is known as a scheduled bank. Scheduled bank is a real bank.
- There are two types of scheduled banks. They are:
- Commercial banks and
- Co-operative banks.
- $RBI\ ($Reserve Bank of India$)$ directly governs and controls the spheduled banks.
Classification:
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