Reserve Bank of India has notified that it has included Fino Payments Bank in the Second Schedule of the Reserve Bank of India Act, 1934. All banks which are included in the Second Schedule to the Reserve Bank of India Act, 1934 are Scheduled Banks. These banks comprise Scheduled Commercial Banks and Scheduled Co-operative Banks.
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Benefits of being a scheduled bank under the Reserve Bank of India Act, 1934:
Scheduled Commercial Banks in India are categorised into five different groups according to their ownership and/or nature of the operation. These bank groups are:
Important takeaways for all competitive exams:
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