Q. “Scheduled bank” in India means a bank ____ ?

[A] Incorporated under the Companies Act, 1956

[B] Authorized to the Banking business

[C] Governed by the Banking Regulation Act, 1949

[D] Included in the Second schedule to the Reserve Bank of India Act 1934

Answer: D
Notes:

Scheduled banks are banks that are listed in the 2nd schedule of the Reserve Bank of India Act, 1934. The bank’s paid-up capital and raised funds must be at least Rs5 lakh to qualify as a scheduled bank. Scheduled banks are liable for low-interest loans from the Reserve Bank of India and membership in clearinghouses.

Source: ForumIAS

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