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    Question

    Consider the following statement about Scheduled Banks:

    I. Any bank which is listed in the 2nd schedule of the Reserve Bank of India Act, 1934 is considered a scheduled bank.

    II. The Schedule consists of those banks which satisfy various parameters, criteria under clause 42 of this act.

    III. To qualify as a scheduled bank, the paid-up capital and collected funds of the bank must not be less than Rs. 1 lakh.

    Which of the above statement is/are not correct?

    A I only Correct Answer Incorrect Answer
    B II only Correct Answer Incorrect Answer
    C III only Correct Answer Incorrect Answer
    D I and II only Correct Answer Incorrect Answer
    E I, II and III Correct Answer Incorrect Answer

    Solution

    By definition, any bank which is listed in the 2nd schedule of the Reserve Bank of India Act, 1934 is considered a scheduled bank. The Schedule consists of those banks which satisfy various parameters, criteria under clause 42 of this act. To qualify as a scheduled bank, the paid-up capital and collected funds of the bank must not be less than Rs5 lakh.

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