List of Scheduled Banks in India (2021)

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List of Scheduled Banks in India

Several banks offer a plethora of services catering to the requirements of residents. In India, several types of banks are regulated and monitored by the apex bank, i.e., the Reserve Bank of India (RBI).

Banks play an important role in India as they help the economy grow plus help the retail customers, corporate and other sectors to raise funds from them, which can help them financially. The banking sector of India can be classified into segments, which are-

  • Scheduled Banks (these are the banks that were added in the second schedule of the RBI Act, 1934)
  • Non-Scheduled Banks (these banks were not covered in the second schedule of the RBI Act,1934)

RBI, the central bank of India, makes the rules and regulations for scheduled banks in India. The list of scheduled banks in India is pretty big, and it is important to know about them as that would help you get insight into them.

List of Scheduled Banks in India (2021)

What is a Bank?

 It is a financial institution that is licensed for receiving deposits and giving loans. Banking is essential for financial literacy because-

  • Safeguard your cash
  • Get your paycheck instantly using direct deposit
  • Acquire loans
  • Handle your finances – record keeping and budgeting
  • Invest your funds
  • Use debit and credit card services
  • Secure your liquid assets
  • Get interested
  • Aid financial transactions
  • Build a credit history to make a FICO credit score instrumental in obtaining funds and building wealth

What is a Scheduled Commercial Bank?

These are the banks that were encompassed in the second schedule of the RBI Act 1934. The major services that scheduled commercial bank offers are accepting deposits, granting different loans, credit and debit cards, and other such financial services. In fact, if a private or foreign bank is listed in the second schedule of the RBI Act, then that would also be a scheduled commercial bank.

The significant difference between scheduled commercial and scheduled cooperative banks is that their holding model as cooperatives are listed under the cooperative society act as cooperative credit institutions.

The paid-up capital and raised funds of these banks should be a minimum of 5 Lakh for qualifying as a scheduled bank. There are a few criteria that they should meet, like maintaining an average daily CRR balance with the central bank at the rates set by it. The major benefit to these banks is that RBI enables them to raise debts and loans at bank rates.

Types of Scheduled Banks

The list of scheduled banks in India is big enough as there are a lot of banks that come under it. All the nationalized, cooperative, international and regional rural banks are a part of scheduled banks.

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Scheduled banks can be further sub-divided into-

  • Scheduled Commercial Public Sector Banks
  • SBI and its associates

Scheduled Foreign Banks in India

  • Scheduled Commercial Private Sector Banks
  • Old Private Banks
  • New Private Sector Banks

List of Scheduled Commercial Banks of India (2021)

Let us know in detail about the divisions of Scheduled Banks:

1. Scheduled Public Sector Banks

State Bank Of India |n List of Scheduled Banks in India

These are the banks whose more than 50% of shares are majorly owned by the government of India. Thus, the major stakeholder in PSB’s is government. There are 12 public sector banks as of 2021, but earlier, there are 27 banks that have now been merged.

Below is the list of all the public sector banks along with some important information about them:

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Anchor Bank Government

Shareholding

Merged Banks Branches Established Headquarter Total Assets Revenues
Bank of Baroda 71.60%
  • Vijaya Bank
  • Dena Bank
9,481 1908 Vadodara, Gujarat ₹16,130 billion (US$230 billion) ₹422 billion (US$5.9 billion)
Bank of India 89.10% 5,000 1906 Mumbai, Maharashtra ₹9,030 billion (US$130 billion) ₹418 billion (US$5.9 billion)
Bank of Maharashtra 92.49% 1,897 1935 Pune, Maharashtra ₹2,340 billion (US$33 billion) ₹130.53 billion (US$1.8 billion)
Canara Bank 78.52% Syndicate Bank 10,342 1906 Bengaluru, Karnataka ₹15,203 billion (US$210 billion) ₹558.30 billion (US$7.8 billion)
Central Bank of India 92.39% 4,666 1911 Mumbai, Maharashtra ₹4,680 billion (US$66 billion) ₹259 billion (US$3.6 billion)
Indian Bank 88.06%  Allahabad Bank 6,104 1907 Chennai, Tamil Nadu ₹8,080 billion (US$110 billion) ₹405.74 billion (US$5.7 billion)
Indian Overseas Bank 95.84% 3,400 1937 Chennai, Tamil Nadu ₹3,750 billion (US$53 billion) ₹235.2 billion (US$3.3 billion)
Punjab and Sind Bank 83.06% 1,554 1908 New Delhi, Delhi ₹1,710 billion (US$24 billion) ₹87.44 billion (US$1.2 billion)
Punjab National Bank 85.59%
  • Oriental Bank of Commerce
  • United Bank of India
11,437 1894 New Delhi, Delhi ₹17,940 billion (US$250 billion) ₹774.22 billion (US$11 billion)
State Bank of India 56.92%
  • State Bank of Bikaner & Jaipur
  • State Bank of Hyderabad
  • State Bank of Indore
  • State Bank of Mysore
  • State Bank of Patiala
  • State Bank of Saurashtra
  • State Bank of Travancore
  • Bhartiya Mahila Bank
24,000 1955 Mumbai, Maharashtra ₹52,050 billion (US$730 billion) ₹2,110.00 billion (US$30 billion)
UCO Bank 94.44% 4,000 1943 Kolkata, West Bengal ₹3,170 billion (US$44 billion) ₹185.61 billion (US$2.6 billion)
Union Bank of India 89.07%
  • Andhra Bank
  • Corporation Bank
9,609 1919 Mumbai, Maharashtra ₹14,594 billion (US$200 billion) ₹696.39 billion (US$9.8 billion)

Also Read: List of Banks in India

2. Scheduled Private Sector Banks

Kotak Mahindra Bank \ List of Scheduled Banks in India

These are the banks in which the private entities hold the maximum stakes. In total, there are 21 private sector banks. All the private sector banks give all sorts of banking and financial assistance to their customers. The major services that they offer are:

  • Savings Deposit
  • RD
  • Debit/ Credit Card
  • ATM
  • Home Loan
  • Education Loan
  • Personal Loan
  • Car Loan
  • Locker
  • Demat Facilities
  • Foreign Exchange Transactions
  • Insurance
  • Wealth Management
  • Net Banking

There are two kinds of private sector banks:

  1. Old Private Sector Banks (these banks came into existence before 1968)
  2. New Private Sector Banks (these banks were incorporated after 1968)

List of Private Sector Banks

Sr. No Name of the Bank Branches Establishment Headquarter
1 Axis Bank 4528 1993 Mumbai, Maharashtra
2 Bandhan Bank 670+ 2015 Kolkata, West Bengal
3 CSB Bank 417 1920 Thrissur, Kerala
4 City Union Bank 700+ 1904 Kumbakonam, Tamil Nadu
5 DCB Bank 334 1930 Mumbai, Maharashtra
6 Dhanlaxmi Bank 270+ 1927 Thrissur city, Kerala
7 Federal Bank 1284 1931 Aluva, Kochi
8 HDFC Bank 5430 1994 Mumbai, Maharashtra
9 ICICI Bank 5288 1994 Mumbai, Maharashtra
10 IDBI Bank 1892 1964 Mumbai, Maharashtra
11 IDFC FIRST Bank 260 2015 Mumbai, Maharashtra
12 IndusInd Bank 2000 1994 Pune, Maharashtra
13 J&K Bank 1038 1938 Srinagar, Jammu, and Kashmir
14 Karnataka Bank 857 1924 Mangaluru, Karnataka
15 Karur Vysya Bank 779 1916 Karur, Tamil Nadu
16 Kotak Mahindra Bank 1500+ 2003 Mumbai, Maharashtra
17 Nainital Bank 150 1922 Nainital, Uttarakhand
18 RBL Bank 398 1943 Mumbai, Maharashtra
19 South Indian Bank 876 1929 Thrissur, Kerala
20 Tamilnad Mercantile Bank 509 1921 Tuticorin, Tamilnadu
21 YES Bank 1000+ 2004 Mumbai, Maharashtra

Also Read: List of Private Banks in India 

3. Scheduled Foreign Banks in India

Citibank | List of Scheduled Banks in India

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There are 45 foreign banks in India. Foreign banks are international banks that are liable to follow the rules and regulations of both the home and the host country. They have several loan limitations based on the partner banks’ capital. They can render more loans than the subsidiary banks.

Here is the list of foreign banks with branches in India:

  • AB Bank
  • Abu Dhabi Commercial Bank
  • American Express
  • Australia and New Zealand Banking Group
  • Barclays Bank Plc
  • Bank of America
  • Bank of Bahrain and Kuwait
  • Bank of Ceylon
  • Bank of China
  • Bank of Nova Scotia
  • BNP Paribas
  • Citibank India
  • Crédit Agricole Corporate and Investment Bank
  • Credit Suisse
  • CTBC Bank
  • Deutsche Bank
  • Emirates NBD
  • First Abu Dhabi Bank
  • FirstRand Bank
  • HSBC Bank India
  • Industrial & Commercial Bank of China
  • Industrial Bank of Korea
  • JPMorgan Chase
  • KEB Hana Bank
  • Kookmin Bank
  • Krung Thai Bank
  • Mizuho Corporate Bank
  • MUFG Bank
  • Qatar National Bank
  • Rabobank
  • Sberbank
  • Shinhan Bank
  • Societe Generale
  • Sonali Bank
  • Standard Chartered Bank
  • Sumitomo Mitsui Banking Corporation
  • United Overseas Bank
  • Westpac Banking Corporation
  • Woori Bank

List of foreign banks with representative offices:

  • Access Bank
  • Banco Bilbao Vizcaya Argentaria
  • Banco BPM
  • Banco de Sabadell
  • Bank of Montreal
  • Bank of Taiwan
  • Busan Bank
  • Caixa Geral de Depositos
  • Credit Industriel et Commercial
  • DNB Bank
  • DZ Bank
  • Gazprombank
  • Intesa Sanpaolo
  • National Australia Bank
  • Natixis
  • Raiffeisen Bank International
  • Skandinaviska Enskilda Banken
  • The Bank of New York Mellon
  • Toronto Dominion Bank
  • UBS AG
  • Wells Fargo Bank
  • Zurcher Kantonalbank

Also Read: Types of Joint Accounts Available in Banks in India

4. Scheduled Cooperative banks of India

Like the other banks, these banks are also regulated and controlled by the RBI and come under the Banking Regulations Act, 1949. These banks provide loans to small businesses in both urban and rural areas.

 As per the reports, they have had a huge influence on the extension of small businesses as they account for the rise in 67% invasion in villages and account for 46% of the net funding for the rural businesses through support for processing, housing, warehousing, transport, dairy, etc.

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There are two types of cooperative banks:

1. Urban Co-operative Banks

The Assam Co-operative Apex Bank Ltd. | List of Scheduled Banks in India

Here is the list of State Co-operative Banks:

  • The Andaman and Nicobar State Co-operative Bank Ltd.
  • The Andhra Pradesh State Co-operative Bank Ltd.
  • The Arunachal Pradesh State co-operative Apex Bank Ltd.
  • The Assam Co-operative Apex Bank Ltd.
  • The Bihar State Co-operative Bank Ltd.
  • The Chandigarh State Co-operative Bank Ltd.
  • The Delhi State Co-operative Bank Ltd.
  • The Goa State Co-operative Bank Ltd.
  • Gujarat State Co-operative Bank Ltd.
  • The Haryana State Co-operative Apex Bank Ltd.
  • The Himachal Pradesh State Co-operative Bank Ltd.
  • The Jammu and Kashmir State Co-operative Bank Ltd.
  • Jharkhand State Co-operative Bank Ltd.
  • The Karnataka State Co-operative Apex Bank Ltd.
  • The Kerala State Co-operative Bank Ltd.
  • The Maharashtra State Co-operative Bank Ltd.
  • The Manipur State Co-operative Bank Ltd.
  • The Meghalaya Co-operative Apex Bank Ltd.
  • The Mizoram Co-operative Apex Bank Ltd.
  • The Nagaland State Co-operative Bank Ltd.
  • The Odisha State Co-operative Bank Ltd.
  • The Puducherry State Co-operative Bank Ltd.
  • The Punjab State Co-operative Bank Ltd.
  • The Rajasthan State Co-operative Bank Ltd.
  • The Sikkim State Co-operative Bank Ltd.
  • The Tamil Nadu State Apex Co-operative Bank Ltd.
  • The Telangana State Cooperative Apex Bank Ltd.
  • Tripura State Co-operative Bank Ltd.
  • The Uttar Pradesh Co-operative Bank Ltd.
  • The Uttarakhand State Co-operative Bank Ltd.
  • The West Bengal State Co-operative Bank Ltd.

2. Urban Co-operative Banks

Saraswat Bank | List of Scheduled Banks in India

Here is the list of urban-co-operative scheduled banks in India:

  • Abhyudaya Co-operative Bank Ltd
  • Ahmedabad Mercantile Co-Op Bank Limited
  • Amanath Co-operative Bank Limited
  • Andhra Pradesh Mahesh Co-Op Urban Bank Limited
  • Apna Sahakari Bank Limited
  • Bassein Catholic Co-operative Bank Limited
  • Bharat Co-operative Bank (Mumbai) Limited
  • Bombay Mercantile Co-operative Bank Limited
  • Citizen Credit Co-operative Bank Limited
  • Cosmos Bank
  • Dombivli Nagari Sahakari Bank Ltd.
  • Fingrowth Co-operative Bank Limited
  • Goa Urban Co-operative Bank Limited
  • Gopinath Patil Parsik Janata Sahakari Bank Limited
  • Greater Bombay Co-operative Bank Limited
  • GS Mahanagar Co-operative Bank Limited
  • Indian Mercantile Co-operative Bank Limited
  • Jalgaon Janata Sahakari Bank Limited
  • Jalgaon People’s Co-operative Bank Limited
  • Janakalyan Sahakari Bank Limited
  • Janalaxmi Co-operative Bank Limited
  • Janata Sahakari Bank Limited
  • Kallappanna Awade Ichalkaranji Janata Sahakari Bank Limited
  • Kalupur Commercial Co-op Bank Limited
  • Kalyan Janata Sahakari Bank Limited
  • Karad Urban Co-operative Bank Limited
  • Mapusa Urban Co-operative Bank of Goa Limited
  • Nagar Urban Co-operative Bank Limited
  • Nagpur Nagrik Sahakari Bank Limited
  • Nasik Merchant’s Co-operative Bank Limited
  • New India Co-operative Bank Limited
  • NKGSB Co-operative Bank Limited
  • Nutan Nagarik Sahakari Bank Limited
  • Osmanabad Janata Sahakari Bank Limited
  • Pravara Sahakari Bank Limited
  • Punjab and Maharashtra Co-operative Bank
  • Rajarambapu Sahakari Bank Limited
  • Rajkot Nagrik Sahakari Bank Limited
  • Rupee Co-operative Bank Limited
  • Sangli Urban Co-operative Bank Limited
  • Saraswat Bank
  • Sardar Bhiladwala Pardi People’s Co-op. Bank Limited
  • Shamrao Vithal Co-operative Bank
  • Shikshak Sahakari Bank Limited
  • Solapur Janata Sahakari Bank Limited
  • Surat Peoples Coop Bank Limited
  • Thane Bharat Sahakari Bank Limited
  • The Akola Janata Commercial Co-operative Bank Limited
  • The Akola Urban Co-operative Bank Limited
  • The Jaynagar Majilpur People’s Co-Operative Bank Limited
  • The Khamgaon Urban Co-operative Bank Limited
  • The Mehsana Urban Co-Op Bank Limited
  • TJSB Sahakari Bank
  • Vasai Vikas Sahakari Bank Limited
  • Zoroastrian Co-operative Bank Limited

Also Read: 20 Best Banks for Business Loan in India

5. Regional Rural Banks

Kerala Gramin Bank | List of Scheduled Banks in India

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These banks started just after the nationalization of banks that was done in 1969, and RRB’s commenced in 1975. After passing the law, there were 25 RBB’s established in different parts of the country to help bridge the credit gaps in rural areas.

The primary motive for their establishment was the development of trade, commerce, agriculture, industry, and other similar sectors in the rural areas.

List of Regional Rural Banks:

State Bank’s Name Established Headquarters Branches Sponsor Bank
Andhra Pradesh Andhra Pradesh Grameena Vikas Bank 2006 Warangal, Telangana 755 State Bank of India
Andhra Pragathi Grameena Bank 2006 Kadapa, Andhra Pradesh 552 Canara Bank
Chaitanya Godavari Gramin Bank 2006 Guntur, Andhra Pradesh 219 Union Bank of India
Saptagiri Gramin Bank 2006 Chittoor, Andhra Pradesh 220 Indian Bank
Arunachal Pradesh Arunachal Pradesh Rural Bank 1983 Itanagar, Arunachal Pradesh 30 State Bank of India
Assam Assam Gramin Vikash Bank 2006 Guwahati, Assam 474 Punjab National Bank
Bihar Dakshin Bihar Gramin Bank 2019 Patna, India 1078 Punjab National Bank
Uttar Bihar Gramin Bank 2008 Muzaffarpur, India 1032 Central Bank of India
Chhattisgarh Chhattisgarh Rajya Gramin Bank 2013 Raipur 625 State Bank of India
Gujarat Baroda Gujarat Gramin Bank 2019 Vadodara 489 Bank of Baroda
Saurashtra Gramin Bank 1978 Rajkot 259 State Bank of India
Haryana Sarva Haryana Gramin Bank 2013 Rohtak, Haryana 542 Punjab National Bank
Himachal Pradesh Himachal Pradesh Gramin Bank 2013 Mandi, Himachal Pradesh 265 Punjab National Bank
Jammu And Kashmir Ellaquai Dehati Bank 1979 Srinagar, Jammu, and Kashmir (Union Territory) 116 State Bank of India
Jammu And Kashmir Grameen Bank 2009 Jammu, Jammu, and Kashmir (Union Territory) 217 J&K Bank Ltd.
Jharkhand Jharkhand Rajya Gramin Bank 2019 Ranchi 443 State Bank Of India
Karnataka Karnataka Gramin Bank 2019 Ballari, Karnataka 1142 Canara Bank
Karnataka Vikas Grameena Bank 2005 Dharwad, Karnataka 633 Canara Bank
Kerala Kerala Gramin Bank 2013 Malappuram, Kerala 634 Canara Bank
Madhya Pradesh Madhya Pradesh Gramin Bank 2019 Indore 866 Bank of India
Madhyanchal Gramin Bank 2012 Sagar, Madhya Pradesh 454 State Bank of India
Maharashtra Maharashtra Gramin Bank 2008 Aurangabad, India 391 Bank of Maharashtra
Vidarbha Konkan Gramin Bank 2013 Nagpur 318 Bank of India
Manipur Manipur Rural Bank 1981 Imphal, Manipur 28 Punjab National Bank
Meghalaya Meghalaya Rural Bank 1981 Shillong 87 State Bank of India
Mizoram Mizoram Rural Bank 1983 Aizawl, Mizoram 85 State Bank of India
Nagaland Nagaland Rural Bank 1983 Kohima 10 State Bank of India
Odisha Odisha Gramya Bank 2013 Bhubaneswar, India 549 Indian Overseas Bank
Utkal Grameen Bank 2012 Bolangir, India 442 State Bank of India
Puducherry Puduvai Bharathiar Grama Bank 2008 Pondicherry, India 43 Indian Bank
Punjab Punjab Gramin Bank 2019 Kapurthala, Punjab 419 Punjab National Bank
Rajasthan Rajasthan Marudhara Gramin Bank 2014 Jodhpur 715 State Bank of India
Baroda Rajasthan Kshetriya Gramin Bank 2013 Ajmer 833 Bank of Baroda
Tamil Nadu Tamil Nadu Grama Bank 2019 Salem, Tamil Nadu 630 Indian Bank
Telangana Telangana Grameena Bank 2014 Hyderabad, Telangana 421 State Bank of India
Tripura Tripura Gramin Bank 1976 Agartala, India 142 Punjab National Bank
Uttar Pradesh Aryavart Bank 2019 Lucknow, Uttar Pradesh 1365 Bank of India
Baroda UP Bank 2020 Ayodhya, Uttar Pradesh 2050 Bank of Baroda
Prathama UP Gramin Bank 2019 Moradabad, Uttar Pradesh 938 Punjab National Bank
Uttarakhand Uttarakhand Gramin Bank 2012 Dehradun, Uttarakhand 286 State Bank of India
West Bengal Bangiya Gramin Vikash Bank 2007 Berhampore, West Bengal 587 Punjab National Bank
Paschim Banga Gramin Bank 2007 Howrah, West Bengal 230 UCO Bank
Uttarbanga Kshetriya Gramin Bank 1977 Coochbehar, West Bengal 142 Central Bank of India

6. Scheduled Small Finance Banks

Sr.No. Name of the Bank
1. Au Small Finance Bank Limited
2. Capital Small Finance Bank Limited
3. Equitas Small Finance Bank Limited
4. Suryoday Small Finance Bank Limited
5. Ujjivan Small Finance Bank Limited
6. Utkarsh Small Finance Bank Limited
7. ESAF Small Finance Bank Limited
8. Fincare Small Finance Bank Limited
9. Jana Small Finance Bank Limited
10. North East Small Finance Bank Limited

 7. Scheduled Payment Banks

Sr.No. Name of the Bank
1. India Post Payments Bank Limited
2. Fino Payments Bank Limited

This was the list of scheduled banks in India, but there are non-scheduled banks in India as well; hence it is imperative for you to understand the difference between them.

Also Read: How to Open a Bank Account for a Minor in India

Difference between Scheduled and Non-Scheduled Banks

1. Meaning of scheduled banks

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Scheduled banks were encompassed in the second schedule of the RBI, Act 1934. There are two criteria for becoming a scheduled bank; one is that the paid-up capital and collated funds of the bank should be of at least Rs. 5 lakh. The second condition is that any action whatsoever should not concern the interests of the clients.

Some of the facilities that schedule banks get are-

1. They are entitled to getting debts/loans on bank rates from the RBI.

2. They also get the amenity of the rediscount of first-class exchange bills from RBI. This advantage is given by the RBI only if the Scheduled Banks deposit average daily cash with the RBI and presents the recurring statements under the provision of RBI Act, 1934 and Banking Regulation Act, 1949.

3. Scheduled Banks automatically get the membership of the clearinghouse.

2. Meaning of Non-Scheduled Banks

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This might sound surprising to you, but these banks do not adhere to the RBI’s rules and regulations. They are the banks that were not included in the second schedule of the RBI Act, 1934. These banks are considered incompetent in serving and safeguarding depositor’s interests.

It is a mandate for non-scheduled banks to follow the CRR conditions, but the difference is that they need not meet it with RBI but with themselves. They do not get loans from RBI for day-to-day activities but can ask for the loan only in case of any emergency situation.

These banks are relatively smaller than the scheduled banks and have a lesser influence, plus doing transactions with them can be risky because of their financial limitations.

All the local area banks are called Non-Scheduled Banks. There are four local area banks:

  • Coastal Local Area Bank Ltd – Vijayawada (Andhra Pradesh)
  • Capital Local Area Bank Ltd – Phagwara (Punjab)
  • Krishna Bhima Samruddhi Local Area Bank Ltd, Mahbubnagar (Andhra Pradesh)
  • Subhadra Local Area Bank Ltd., Kolhapur (Maharashtra)

There are 11 Non-Scheduled State Cooperative Banks as approved by RBI. Additionally, 1500 Non-Scheduled Urban Co-operative Banks as mentioned by the RBI.

Non-Scheduled banks do not get the benefits like the Scheduled banks, and they are also not eligible for becoming the member of a clearinghouse. This means that these banks cannot do inter-bank financial transactions and the clearance of cheques.

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Comparison of Schedules and Non-Scheduled Banks

Scheduled Banks Non- Scheduled Banks
Meaning It is a banking company with a paid-up capital of at least 5 lakhs or more On the contrary, these banks do not imply with the RBI’s requirements and guidelines
Second Schedule Schedules banks are listed in the second schedule These banks are not listed or mentioned in the second schedule
Cash Reserve Ratio (CRR) By RBI They have to maintain it themselves
Types Private and public sector banks, commercial banks State Co-operative banks and local banks
Borrowing They can borrow from RBI They can only borrow from RBI in case of an emergency situation
Risk The risk with these banks is very little as they are financially stable and do not hurt customers’ rights. Comparatively risky to do business with them
Membership Can apply for joining the clearinghouse These banks are not eligible to apply for clearinghouse
Return These banks need to file returns periodically No clause for returns

The difference between scheduled and non-scheduled banks would have been pretty clear by now, and this difference makes it very easy for you to decide which bank to trust and open an account with.

Also Read: Savings Account vs Current Account

Frequently Asked Questions

Q1) Which banks are scheduled banks in India?

There are two categories of Scheduled banks-

  1. Scheduled Commercial Banks
  2. Scheduled Cooperative Banks

The Scheduled Commercial Banks are further divided into four parts-

  • Public Sector Banks
  • Private Sector Banks
  • Regional Rural Banks
  • Foreign Banks

Q2) What is meant by Scheduled Banks?

These are the banks that were encompassed in the second schedule of the RBI Act 1934. The paid-up capital and raised funds of these banks should be a minimum of 5 Lakh for qualifying as a scheduled bank. There are a few criteria that they should meet, like maintaining an average daily CRR balance with the central bank at the rates set by it.

Q3) How many Scheduled Banks are there in India?

The list of Scheduled banks in India is huge; here are the details of them in short-

Public Sector Banks 12
Private Sector Banks 22
Regional Rural Banks 43
Foreign Banks 45
Scheduled Small Finance Banks 10
Scheduled Payment Bank 2
Total 134

This was about the list of scheduled banks in India and their types. This article would help you get in-depth knowledge about these banks, plus it also tells you the difference between scheduled and non-scheduled banks. It would help you make a wise decision on selecting the bank, plus it also makes it pretty easy for you to understand which bank is safer for you.

Recommended: Banking System in India Explained

Usually, people prefer scheduled banks to non-scheduled banks because they work in people’s interests and are less likely to work in favor of their customers. Hence, pick wisely and invest or save your money in the right bank.

Sushma Singh

Sushma is a full-time blogger and financial expert. Join Sushma and 10,000 monthly readers here to learn how to save and invest your money wisely.

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