Question

Difference between scheduled banks and banking companies

Answer 1

Banks implies the financial institution that takes public deposits and extends credit to those who need it. ... On the other extreme, non-scheduled banks are the banks that do not adhere to the norms prescribed by the Reserve Bank of India (RBI).A scheduled bank, in India, refers to abank which is listed in the 2ndSchedule of the Reserve Bank of India Act, 1934. Banks not under thisSchedule are called non-scheduled banks. Scheduled banks are usually private, foreign and nationalised banksoperating in India.