List of Scheduled Banks in India (2021)

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.

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

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:

Also Read: List of Banks in India

2. Scheduled Private Sector Banks

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

Also Read: List of Private Banks in India 

3. Scheduled Foreign Banks in India

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.

There are two types of cooperative banks:

1. Urban Co-operative Banks

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

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

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:

6. Scheduled Small Finance Banks

 7. Scheduled Payment Banks

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

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

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.

Comparison of Schedules and Non-Scheduled Banks

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-

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.