Please share the difference between scheduled & non scheduled bank.
I C Naik
scheduled bank, in India, refers to a bank which is listed in the 2ndSchedule of the Reserve Bank of India Act, 1934. Banks not under this Schedule are called non-scheduled banks.[1] Scheduled banks are usually private, foreign and nationalised banks operating in India. However, cooperative banks are allowed to seek scheduled bank status if they satisfy certain criteria.[2] A scheduled bank is eligible for loans from the Reserve Bank of India at bank rate. They are also given membership to clearing houses.[3]
