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Reserve Bank of India (RBI)
The country did not have a central bank before the establishment of the RBI. The RBI is the supreme monetary and banking authority in the country and controls the banking system in India. It is called Reserve Bank since it keeps the reserves of all commercial banks.
Scheduled and unscheduled banks
A scheduled bank is a bank that is listed in the second Schedule of the RBI Act of 1934. To be included in this schedule of the RBI Act, banks must meet certain conditions such as having paid-in capital and reserves of less than 0.5 million and satisfying the Reserve Bank that its matters are not being carried out in a manner detrimental to the interests of its depositors. Scheduled banks are also classified as commercial and cooperative banks. Unscheduled banks are those that are not included in the second schedule of the RBI Act of 1934. Currently, these are only three of those banks in the country.
Commercial banks can be defined as any banking organization that deals with the deposits and loans of commercial organizations. Commercial banks issue checks and bank drafts, as well as accept money in term deposits. Commercial banks also act as lenders, through installment loans and overdrafts. Commercial banks also allow a variety of deposit accounts, such as checking accounts, savings and time deposits. These institutions are executed to obtain a benefit and are owned by a group of people.
Scheduled commercial banks (SCB):
Scheduled commercial banks (SCB) represent a significant proportion of the business of scheduled banks. The SCBs in India are classified into the five groups according to their ownership and / or the nature of their operations. State Bank of India and its six associates (excluding State Bank of Saurashtra, which has merged with the SBI with effect from August 13, 2008) are recognized as a separate category of SCB, due to different statutes (SBI Act, 1955 and Subsidiary Banks Law of the SBI, 1959) that governs them. The nationalized banks and SBI and associates form the group of public sector banks IDBI ltd. it has been included in the group of nationalized banks since December 2004. Private sector banks include the former private sector banks and the new generation private sector banks, which were incorporated according to the revised guidelines issued by the RBI with respect to the entry of private sector banks in 1993.
Foreign banks are present in the country either through the presence of a complete / subsidiary route or through their representative offices.
Types of commercial banks scheduled
Banks of the public sector
These are banks where the majority stake is owned by the Government of India.
Examples of public sector banks are: SBI, Bank of India, Canara Bank, etc.
Banks of the private sector
These are the banks in which the majority of the bank's social capital is in the hands of individuals. These banks are registered as companies with limited liability. Examples of private sector banks are: ICICI Bank, Axis bank, HDFC, etc.
These banks are registered and have their headquarters in a foreign country but operate their branches in our country. Examples of foreign banks in India are: HSBC, Citibank, Standard Chartered Bank, etc.
Regional rural banks
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