Banks in the Indian banking system are sub categorised as Scheduled Banks, Non-Schedule Banks, Private Sector Banks and Public Sector Banks.
Scheduled banks are those banks that are listed under Schedule II of the Reserve Bank of India Act, 1934. The bank’s paid-up capital and raised funds must be at least Rs. 5 lakh to qualify as a scheduled bank. These banks are liable for low interest loans from the RBI. They also have membership in clearing houses.
Scheduled banks, as members of the clearing house, are required to uphold an average daily cash reserve ratio with the central bank. This requirement is vital for maintaining the stability and liquidity of the banking system, enabling scheduled banks to fulfill their financial commitments and function efficiently within the prescribed regulatory framework. The Reserve Bank of India permits scheduled banks to extend loans at bank rates.
Furthermore, the RBI has established management standards in its 2015 directives, which encompass several key areas, including the appointment of the CEO and other senior management personnel, ensuring adequate capital levels, preserving asset quality, and emphasizing profitability.
Also Read: Top 10 Public Sector Banks in India
Key Features of a Scheduled Bank
The primary features of scheduled banks are as follows:
- Accept deposits from the general public
- Demand withdrawal facility available
- Provide credit facilities, money transfers, and draft publication
- Lockers available to customers
- Manage foreign exchange
Types of Scheduled Banks in India in 2024
Scheduled banks are classified into the following categories –
- Scheduled Commercial Public Sector Banks
- SBI and its associates
- Scheduled Commercial Private Sector Banks
- Old Private Banks
- New Private Sector Banks
- Scheduled Foreign Banks.
Also Read: Top RBI Approved NBFCs in India
List of Scheduled Banks as Per RBI in India in 2024
Here is the list of scheduled banks operating in India in 2024
| Category | Name of the Bank |
| Scheduled Public Sector Banks | Bank of Baroda |
| Bank of India | |
| Bank of Maharashtra | |
| Canara Bank | |
| Central Bank of India | |
| Indian Bank | |
| Indian Overseas Bank | |
| Punjab & Sind Bank | |
| Punjab National Bank | |
| State Bank of India | |
| UCO Bank | |
| Union Bank of India | |
| Scheduled Private Sector Banks` | Axis Bank Ltd. |
| Bandhan Bank Ltd. | |
| CSB Bank Ltd. | |
| City Union Bank Ltd. | |
| DCB Bank Ltd. | |
| Dhanlaxmi Bank Ltd. | |
| Federal Bank Ltd. | |
| HDFC Bank Ltd. | |
| ICICI Bank Ltd. | |
| IDBI Bank Ltd. | |
| IDFC First Bank Ltd. | |
| Induslnd Bank Ltd. | |
| Jammu & Kashmir Bank Ltd. | |
| Karnataka Bank Ltd. | |
| Karur Vysya Bank Ltd. | |
| Kotak Mahindra Bank Ltd. | |
| Nainital Bank Ltd. | |
| RBL Bank Ltd. | |
| South Indian Bank Ltd. | |
| Tamilnad Mercantile Bank Ltd. | |
| YES Bank Ltd. | |
| Scheduled Small Finance Banks | Capital Small Finance Bank Limited |
| ESAF Small Finance Bank Limited | |
| Fincare Small Finance Bank Limited | |
| Equitas Small Finance Bank Limited | |
| Jana Small Finance Bank Limited | |
| North East Small Finance Bank Limited | |
| Shivalik Small Finance Bank Limited | |
| Suryoday Small Finance Bank Limited | |
| Au Small Finance Bank Limited | |
| Ujjivan Small Finance Bank Limited | |
| Unity Small Finance Bank Limited | |
| Utkarsh Small Finance Bank Limited | |
| Scheduled Payments Banks | Airtel Payments Bank Limited |
| Fino Payments Bank Limited | |
| India Post Payments Bank Limited | |
| Paytm Payments Bank Limited | |
| Scheduled Regional Rural Banks | Andhra Pradesh Grameena Vikas Bank |
| Andhra Pragathi Grameena Bank | |
| Arunachal Pradesh Rural Bank | |
| Aryavart Bank | |
| Assam Gramin Vikash Bank | |
| Bangiya Gramin Vikas Bank | |
| Baroda Gujarat Gramin Bank | |
| Baroda Rajasthan Kshetriya Gramin Bank | |
| Baroda UP Bank | |
| Chaitanya Godavari Grameena Bank | |
| Chhattisgarh Rajya Gramin Bank | |
| Dakshin Bihar Gramin Bank | |
| Ellaquai Dehati Bank | |
| Himachal Pradesh Gramin Bank | |
| J&K Grameen Bank | |
| Jharkhand Rajya Gramin Bank | |
| Karnataka Gramin Bank | |
| Karnataka Vikas Grameena Bank | |
| Kerala Gramin Bank | |
| Madhya Pradesh Gramin Bank | |
| Madhyanchal Gramin Bank | |
| Maharashtra Gramin Bank | |
| Manipur Rural Bank | |
| Meghalaya Rural Bank | |
| Mizoram Rural Bank | |
| Nagaland Rural Bank | |
| Odisha Gramya Bank | |
| Paschim Banga Gramin Bank | |
| Prathama UP Gramin Bank | |
| Puduvai Bharathiar Grama Bank | |
| Punjab Gramin Bank | |
| Rajasthan Marudhara Gramin Bank | |
| Saptagiri Grameena Bank | |
| Sarva Haryana Gramin Bank | |
| Saurashtra Gramin Bank | |
| Tamil Nadu Grama Bank | |
| Telangana Grameena Bank | |
| Tripura Gramin Bank | |
| Utkal Grameen bank | |
| Uttar Bihar Gramin Bank | |
| Uttarakhand Gramin Bank | |
| Uttarbanga Kshetriya Gramin Bank | |
| Vidharbha Konkan Gramin Bank | |
| Scheduled Foreign Banks (in India) | AB Bank Ltd. |
| American Express Banking Corporation | |
| Australia and New Zealand Banking Group Ltd. | |
| Barclays Bank Plc. | |
| Bank of America | |
| Bank of Bahrain & Kuwait BSC | |
| Bank of Ceylon | |
| Bank of China | |
| Bank of Nova Scotia | |
| BNP Paribas | |
| Citibank N.A. | |
| Cooperatieve Rabobank U.A. | |
| Credit Agricole Corporate & Investment Bank | |
| Credit Suisse A.G | |
| CTBC Bank Co., Ltd. | |
| DBS Bank India Limited | |
| Deutsche Bank | |
| Doha Bank Q.P.S.C | |
| Emirates Bank NBD | |
| First Abu Dhabi Bank PJSC | |
| FirstRand Bank Ltd | |
| HSBC Ltd | |
| Industrial & Commercial Bank of China Ltd. | |
| Industrial Bank of Korea | |
| J.P. Morgan Chase Bank N.A. | |
| JSC VTB Bank | |
| KEB Hana Bank | |
| Kookmin Bank | |
| Krung Thai Bank Public Co. Ltd. | |
| Mashreq Bank PSC | |
| Mizuho Bank Ltd. | |
| MUFG Bank, Ltd. | |
| NatWest Markets Plc | |
| NongHyup Bank | |
| PT Bank Maybank Indonesia TBK | |
| Qatar National Bank (Q.P.S.C.) | |
| Sberbank | |
| SBM Bank (India) Limited | |
| Shinhan Bank | |
| Societe Generale | |
| Sonali Bank PLC | |
| Standard Chartered Bank | |
| Sumitomo Mitsui Banking Corporation | |
| United Overseas Bank Ltd | |
| Woori Bank |
Also Read: RBI Approved Loan Apps in India
Benefits of Banking with a Scheduled Bank
Scheduled banks are known for their security and dependability.
- Stability of Scheduled Banks: Scheduled banks in India are considered to be relatively financially stable because they are subject to strict regulatory requirements.
- Access to Exclusive Credit Facilities: Scheduled banks can borrow funds from the RBI at preferential rates, which allows them to offer competitive interest rates on loans to customers.
- The Power of Clearing House Membership: Scheduled banks automatically become members of the clearing house.
- A Full Spectrum of Banking Services: Scheduled banks offer a wide range of financial services to their customers, including: Deposit accounts, Loans, Credit cards, Debit cards, and Internet banking.
- Trustworthy and Reliable Banking: Scheduled banks in India are subject to strict regulations from the Reserve Bank of India (RBI), the country’s central bank. These regulations ensure that these banks maintain a strong financial position by setting minimum capital requirements.
Also Read: Top 10 Private Sector Banks in India
