SCHEDULED BANKS

Banks listed in the Schedule 2 of the Reserve Bank of India (RBI) act, 1934, are referred to as Scheduled Banks. They are regulated by the RBI.

They must adhere to all compliance measures in line with the Rules & Regulations stipulated by the RBI.

Types of Scheduled Banks

PUBLIC SECTOR BANKS

Public Sector Banks are those in which the government holds more than half of the equity.

In total, currently there are 12 of them.

1. Bank of Baroda
2. Bank of India
3. Bank of Maharashtra
4. Canara Bank
5. Central Bank of India
6. Indian Bank
7. Indian Overseas Bank
8. Punjab & Sind Bank
9. Punjab National Bank
10. State Bank of India
11. UCO Bank
12. Union Bank of India

Private Banks

These are the banks where the majority of the bank’s equity is owned by a private company or a group of individuals. They comply with the Central Bank’s guidelines & yet have a unique Financial System.

There are a total of 21 Private Banks in India.

1. Axis Bank Ltd.
2. Bandhan Bank Ltd.
3. CSB Bank Ltd.
4. City Union Bank Ltd.
5. DCB Bank Ltd.
6. Dhanlaxmi Bank Ltd.
7. Federal Bank Ltd.
8. HDFC Bank Ltd.
9. ICICI Bank Ltd.
10. Induslnd Bank Ltd.
11. IDFC Bank Ltd.
12. IDBI Bank Ltd.
13. Jammu & Kashmir Bank Ltd.
14. Karnataka Bank Ltd.
15. Karur Vysya Bank Ltd.
16. Kotak Mahindra Bank Ltd.
17. Nainital Bank Ltd.
18. RBL Bank Ltd.
19. South Indian Bank Ltd.
20. Tamilnad Mercentile Bank Ltd.
21. YES Bank Ltd.

Small Finance Banks

When operating, it resembles any typical public or private bank. However, these banks are subject to RBI restrictions regarding Loan disbursement. They are limited to offering primarily small loans, focusing of MSMEs, unorganised workers, and small borrowers.

There of 12 of Small Finance Banks.

1. AU Small Finance Bank Ltd.
2. Capital Small Finance Bank Ltd.
3. Finance Small Finance Bank Ltd.
4. Equitas Small Finance Bank Ltd.
5. ESAF Small Finance Bank Ltd.
6. Suryoday Small Finance Bank Ltd.
7. Ujjivan Small Finance Bank Ltd.
8. Utkarsh Small Finance Bank Ltd.
9. North East Small Finance Bank Ltd.
10. Jana Small Finance Bank Ltd.
11. Shivalik Small Finance Bank Ltd.
12. Unity Small Finance Bank Ltd.

PAYMENTS BANKS

Limitations apply : These banks can only accept a maximum deposite of ₹1 lakh from the public, signifying a restricted amount. Additionally, they are not permitted to extend loans or issue credit cards independently.

6 Payments Banks in India as of now.

1. Airtel Payments Bank
2. Fino Payments Bank
3. Jiyo Payments Bank
4. Paytm Payments Bank
5. India Post Payments Bank (IPPB)
6. NSDL Payments Bank

• The complete list of Scheduled/Non-Scheduled Banks is available of the RBI Website [LINK]. Any entity not included in this list does not have the right to use the term “BANK” in it’s name.
• Scheduled Banks are covered by the RBI’s Deposit Insurance & Credit Guarantee Corporation (DICGC). This means that if something happens to the listed Insured Banks (like Bankruptcy), the RBI will reimburse customers ₹5 Lakh to those customers.