Scheduled banks

    Scheduled banks – are those banks included in the second scheduled of the RBI Act 1934, fulfilling the minimum paid up capital norm (of 5 lakh), protecting investors interest. Privileges to Scheduled banks: are eligible for loans from the RBI at the bank rate, automatically acquires membership in a clearing house and will get the facility of rediscount of first class bills from RBI (including the lender of last resort facility)