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Banking

A Scheduled Commercial Bank (SCB) is a commercialbank which has been included in the Second Schedule of the Reserve Bank of India Act, 1934 (RBI Act). Conditions for inclusion in the Second Schedule of the RBI Act are as stated in section 42(6)(a) of the RBI Act.

Every Scheduled Commercial Bank enjoys two types of principal facilities: -

  • It becomes eligible for debts/loans at the bank rate from the RBI
  • It automatically acquires the membership of clearing house. SCBs include Public Sector Banks, Private Sector Banks, Foreign Banks, Regional Rural Banks, Scheduled Payments Banks, Scheduled Small Finance Banks and Scheduled Co-operative Banks.