Which of the following statements is/are correct, with respect to scheduled and non-scheduled banks of India?

  1. Scheduled bank consists of only public sector banks and nationalised banks
  2. Foreign banks and regional rural banks are included in non- scheduled banks list.
  3. Scheduled banks are listed under second schedule of RBI act 1934, whereas non-scheduled banks are not listed under that schedule

Select the correct option from the codes given below:

Answer: [C] Only 3

Only 3rd statement is correct. First statement is incorrect, as Scheduled banks include  Public sector banks, private sector banks, foreign banks, regional rural banks and rural and urban cooperative societies. 2nd statement is also incorrect as non-scheduled bank consists of only few local area banks not listed under RBI act 1934.

This question is a part of GKToday's Integrated IAS General Studies Module