What is 2nd schedule of RBI Act?

A bank mentioned in the Second Schedule of the Reserve Bank of India Act is known as ”Scheduled Commercial Bank”. The RBI has excluded six public sector banks, including OBC and Allahabad Bank, from the Second Schedule of the RBI Act following their merger with other banks.

Which banks are not included in the Second Schedule of the RBI?

The Reserve Bank of India has excluded six public sector banks from the Second Schedule of the RBI Act following their merger with other banks. The six banks are Syndicate Bank, Oriental Bank of Commerce, United Bank of India, Andhra Bank, Corporation Bank, and Allahabad Bank.

Which bank is included in 2nd schedule of RBI Act 1934?

(i) Yes Bank has been included in the Second Schedule to the Reserve Bank of India Act, 1934 with effect from 19th August 2004.

Which bank are included in the Second Schedule of RBI?

THE SECOND SCHEDULE TO THE RESERVE BANK OF INDIA ACT, 1934. [Sections 2(e) and 42] SCHEDULED BANKS.

What is Second Schedule?

Second schedule, contains provisions of the President, Vice-President, Council of Ministers, Governors of States, Speaker and Deputy Speaker of the House of the People, Chairman and Deputy Chairman of the Council of States, Speaker and Deputy Speaker of the Legislative Assembly, Chairman and Deputy Chairman of the …

Which bank was recently excluded by RBI from the second schedule of the RBI Act 1934?

Lakshmi Vilas Bank Ltd
“We advise that the “Lakshmi Vilas Bank Ltd” has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 with effect from November 27, 2020, vide Notification DOR. PSBD.

What is 2nd schedule bank?

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.

Which bank was recently excluded by RBI from second schedule of RBI 1934?

What is the meaning of six schedule?

The Sixth Schedule consists of provisions for the administration of tribal areas in Assam, Meghalaya, Tripura and Mizoram, according to Article 244 of the Indian Constitution. ADCs are bodies representing a district to which the Constitution has given varying degrees of autonomy within the state legislature.