Tag: second schedule

Reserve Bank of India on Tuesday notified that it has included Fino Payments Bank in the Second Schedule of the Reserve Bank of India Act, 1934.

“We advise that ‘Fino Payments Bank Limited’ has been included in the Second Schedule to the Reserve Bank of India Act, 1934 vide Notification DoR.NBD.No.2138/16.03.005/2020-21 dated January 01, 2021 and published in the Gazette of India (Part III – Section 4) dated February 13 – February 19, 2021,” notified RBI.

Benefits of being a scheduled bank under the Reserve Bank of India Act, 1934:

• Becomes eligible for debts/loans at the bank rate from the RBI
• Automatically acquires the membership of clearing house
• Rediscount of first class exchange bills from the RBI

All banks which are included in the Second Schedule to the Reserve Bank of India Act, 1934 are Scheduled Banks. These banks comprise Scheduled Commercial Banks and Scheduled Co-operative Banks.Scheduled Commercial Banks in India are categorised into five different groups according to their ownership and / or nature of operation. These bank groups are:

• State Bank of India and its Associates
• Nationalised Banks
• Regional Rural Banks
• Foreign Banks
• Other Indian Scheduled Commercial Banks (in the private sector)