Scheduled Banks are the banks that are included in the Second Schedule of the Reserve Bank of India Act, 1934. The banks that satisfy the criteria laid down vide section 42(6)(a) of the RBI Act are included in the schedule.
- Every Scheduled bank has the eligibility for debts/loans at the bank rate from the RBI.
- The membership of the clearinghouse is acquired by the bank automatically.
- The Scheduled banks also comprises of Scheduled Commercial banks and Scheduled Co-operative banks.