aarti thakkar (audit assistant) (43 Points)
04 February 2011hty anyone plz give me the answer what is diference between scheduled bank and nationalised bank
ROHIT CHATURVEDI
(CA Final Student )
(2298 Points)
Replied 04 February 2011
Scheduled bank: a bank authorised by the RBI to do core banking business, foreign exchange transactions, etc. Cooperative banks are not scheduled banks
Nationalised bank: a scheduled bank owned and operated by the government of India
Gogia Sunil
(CA Practice )
(14 Points)
Replied 15 July 2011
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 Nationalised Bank is a Bank in which holding of the Government is in majority.
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.
Befor the steps of nationalisation of Indian banks, only State Bank of India (SBI) was nationalised. It took place in July 1955 under the SBI Act of 1955. Nationalisation of Seven State Banks of India (formed subsidiary) took place on 19th July, 1960.
CAclubindia
