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What is the minimum paid-up capital a bank must have to be eligible for inclusion in the Reserve Bank of India Act, 1934's Second Schedule to attain Scheduled Banks’ status?
  • a)
    Rs. 2 lakhs
  • b)
    Rs. 5 lakhs
  • c)
    Rs. 10 lakhs
  • d)
    Rs. 20 lakhs
  • e)
    Rs. 50 lakhs
Correct answer is option 'B'. Can you explain this answer?
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What is the minimum paid-up capital a bank must have to be eligible fo...
Banks that are classified in Schedule II of the Reserve Bank of India Act, 1934 are referred to as scheduled banks. To qualify as a scheduled bank, the bank's paid-up capital and raised funds must total at least Rs. 5 lakhs. These banks are eligible for low-interest RBI loans.
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What is the minimum paid-up capital a bank must have to be eligible for inclusion in the Reserve Bank of India Act, 1934s Second Schedule to attain Scheduled Banks’ status?a)Rs. 2 lakhsb)Rs. 5 lakhsc)Rs. 10 lakhsd)Rs. 20 lakhse)Rs. 50 lakhsCorrect answer is option 'B'. Can you explain this answer?
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