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17
Apr

The Indian Banking system

Written by Administrator on 17 April 2013. Posted in General Knowledge

      The banking system in India has three tiers. These are the scheduled commercial banks, the regional rural banks, which operate in rural areas, not covered by the scheduled banks, and the co-operative and special purpose rural banks.

     There are approximately 80 scheduled commercial banks, Indian and foreign, almost 200 regional rural banks, more than 350 central cooperative banks, 20 land development banks, and a number of primary agricultural credit societies. In terms of business, the public sector banks, namely the State Bank of India and the nationalized banks, dominate the banking sector.

     Scheduled commercial banks constitute those banks, which have been included in the second schedule of the Reserve Bank of India [RBI] Act, 1934. These banks enjoy certain privileges such as free concessional remittances facilities and financial accommodation from the RBI. They also have certain obligations like minimum cash reserve ratio [CRR] to be kept with the RBI. Some cooperative banks are scheduled commercial banks.

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