Question: Which Banks Are Not Regulated By RBI?

Why State Bank of Sikkim is not regulated by RBI?

The State Bank of Sikkim, established in 1968 under the Royal Proclamation of the Chogyal, the erstwhile ruler, is outside the purview of Bank Regulation Act 1949 and the Companies Act, 2013.

Since Sikkim joined Union of India in 1975, SBS operates as an autonomous body under the Government of Sikkim..

Which are non scheduled banks?

Non-scheduled banks by definition are those which are not listed in the 2nd schedule of the RBI act, 1934. Banks with a reserve capital of less than 5 lakh rupees qualify as non-scheduled banks.

Who is the father of banking?

Alexander HamiltonJust three years earlier, Hamilton’s son had been shot on the same spot. Today, Americans remember Alexander Hamilton as the architect of America’s banking and economic system. He was the first secretary of the treasury and created America’s central bank.

Is HDFC scheduled bank?

HDFC Bank commenced operations as a Scheduled Commercial Bank in January 1995.

What is difference between scheduled and non scheduled banks?

1. Scheduled banks follow the rules made by the RBI while Non-scheduled banks do not follow the rules made by the RBI. 2. Scheduled banks are eligible for inclusion in the second schedule to the Reserve Bank of India Act, 1934 while Non-scheduled banks are not included in the second schedule.

Are private banks scheduled banks?

Scheduled Commercial Private Sector Banks: Private sector banks are those whose majority stake is in private hands.

Which banks are regulated by RBI?

Bank of Baroda.Bank of India.Bank of Maharashtra.Canara Bank.Central Bank of India.Indian Bank.Indian Overseas Bank.Punjab & Sind Bank.More items…

Are cooperative banks regulated by RBI?

In a nutshell, the cooperative banks are brought under the RBI’s close supervision and regulation for improved governance and protection of depositors’ interest.

Who is the No 1 bank in India?

HDFC Bank: HDFC Bank has been ranked India’s No. 1 Bank in forbes’ world’s Best bank report. It has 88,253 permanent employees as of 31 March 2018 and has a presence in Bahrain, Hong Kong and Dubai. HDFC Bank is India’s largest private sector lender by assets.

Does RBI pay tax?

Does the RBI pay tax on these earnings or profits? No. Its statute provides exemption from paying income-tax or any other tax, including wealth tax.

How wealthy is Sikkim?

600,000 peopleWith just over 600,000 people, Sikkim is India’s least populated state and the smallest after Goa. Sikkim is India’s third-richest state (after Delhi and Chandigarh), by per capita income. Its literacy rate is India’s seventh highest. In 2008, it was declared India’s first open defecation-free state.

What does RBI logo refer to?

RBI logo was inspired from East India Company’s gold coin. RBI logo was inspired from East India Company’s gold coin. The Reserve Bank of India, which was established on April 1, 1935 during the British Rule, modelled its official emblem after the double mohur of The East India Company.