confusion related to bank

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atul kumar soni (Querist)
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26 March 2009 what is definition of nationalised bank, schedule bank,public sector bank & private sector bank & what difference between above.

Manmohan ACA, CS

Manmohan ACA, CS (Expert)
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27 March 2009
• Scheduled Banks in India constitute those banks which have been included in the Second Schedule of Reserve Bank of India(RBI) Act, 1934. RBI in turn includes only those banks in this schedule which satisfy the criteria laid down vide section 42 (6) (a) of the Act.
• The nationalisation of banks in India took place in 1969 by Mrs. Indira Gandhi the then prime minister. It nationalised 14 banks then. These banks were mostly owned by businessmen and even managed by them THUS WHILE ALL NATIONALISED BANKS ARE SCHEDULED BANKS ,ALL SCHEDULED BANKS ARE NOT NATIONALISED.
• Private sector bank that is owned by a single person or a limited number of private stockholders not state(government)owned in a country. These banks provides banking facilities to high net worth individuals.
• Public sector bank are the government owned bank managed and funded by govt.

regards.........!