Scheduled Commercial Banks in India are banks that are listed in the Second Schedule of the Reserve Bank of India Act, of 1934. These banks are authorized to conduct banking operations and are regulated by the Reserve Bank of India (RBI).
Scheduled Commercial Banks provide a wide range of banking services. Some of these services are listed below.
- Accepting Deposits
- Providing Loans and Advances
- Service of Various types of accounts such as saving accounts, current accounts, fixed deposit accounts etc.
- Facilitating domestic and international fund transfers
- Providing other financial services such as credit cards, UPI Payments.
1. Main Characteristics of Scheduled Commercial Banks
The key characteristics of Scheduled Commercial Banks in India include:
- Legal Status: These banks operate as legal entities under the Banking Regulation Act, 1949, and are subject to regulatory oversight by the RBI.
- Banking Services: Scheduled Commercial Banks provide a wide range of banking services, including accepting deposits, granting loans, offering various types of accounts (such as savings accounts and current accounts), providing credit facilities, and facilitating domestic and international money transfers.
- Clearing House Membership: They are members of the RBI’s clearing system, which allows for the efficient clearing and settlement of interbank transactions.
- Central Bank Regulations: Scheduled Commercial Banks are required to maintain reserve ratios, adhere to capital adequacy norms, follow prudential guidelines, and comply with various regulations set by the RBI. It ensures the stability and soundness of the banking system.
- Deposit Insurance: Deposits held in Scheduled Commercial Banks are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to a specified limit. It provides a level of protection to depositors. As of now the limit of insured amount is ₹5 lakhs.
Scheduled Commercial Banks in India can be further categorized into public sector banks, private sector banks, Regional Rural banks, payment banks, small finance banks and foreign banks. This classification is done on the basis of their ownership structure and the nature of operations.
2. Scheduled Commercial Banks of the Public Sector
The government of India has a majority shareholding in these banks. Some well-known PSBs include State Bank of India (SBI), Bank of Baroda, Punjab National Bank (PNB), and Canara Bank. There are 12 such banks. Earlier used to be many more PSBs but the government has merged some of the banks. The latest list of Scheduled public sector banks is given below.

- 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
Note that Public Sector Banks (PSBs) in India also serve as agency banks, meaning they handle government transactions. As a result, you can open a PPF account, Sukanya account, and senior citizen savings account in these banks as well.
3. Scheduled Private Banks of India
Private sector banks in India are commercial banks that are owned by private individuals, corporations, or entities. These banks are operated on a for-profit basis. The Reserve Bank of India (RBI), the central banking authority in India regulates these banks. Private sector banks play a significant role in the Indian banking sector. These banks offer a wide range of financial services to individuals, businesses, and organizations. Below, you can find the list of scheduled private 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.
- Induslnd Bank Ltd
- IDFC First Bank Ltd.
- Jammu & Kashmir Bank Ltd.
- Karnataka Bank Ltd.
- Karur Vysya Bank Ltd.
- Kotak Mahindra Bank Ltd
- Lakshmi Vilas Bank Ltd.
- Nainital Bank Ltd.
- RBL Bank Ltd.
- South Indian Bank Ltd.
- Tamilnad Mercantile Bank Ltd.
- YES Bank Ltd.
- IDBI Bank Ltd
4. Small Finance Banks
Scheduled Small Finance Banks in India are a category of banks that primarily focus on providing financial services to underserved and unserved sections of the population, including small businesses, micro and small industries, farmers, and low-income households. These banks aim to promote financial inclusion by extending banking services to segments that may have limited access to formal banking channels.
Some examples of Small Finance Banks in India include AU Small Finance Bank, Ujjivan Small Finance Bank, Equitas Small Finance Bank, and ESAF Small Finance Bank. These banks play a vital role in expanding access to financial services and fostering inclusive economic growth by serving previously underserved segments of the population. The full list is given below.
- Au Small Finance Bank Limited
- Capital Small Finance Bank Limited
- Equitas Small Finance Bank Limited
- Suryoday Small Finance Bank Limited
- Ujjivan Small Finance Bank Limited
- Utkarsh Small Finance Bank Limited
- ESAF Small Finance Bank Limited
- Fincare Small Finance Bank Limited
- Jana Small Finance Bank Limited
- North East Small Finance Bank Limited
- Shivalik Small Finance Bank Limited
- Unity Small Finance Bank Limited
5. Scheduled Payments Banks
Payment Banks in India are a type of differentiated banking model introduced by the Reserve Bank of India (RBI) in 2014. These banks focus primarily on providing basic banking services, especially payment and remittance services. Payment Banks are not permitted to lend. As per RBI guidelines, they can accept deposits from customers up to a specified limit, which is currently set at ₹2 lakh (Indian Rupees) per customer.
Payment Banks heavily rely on technology-driven channels such as mobile banking, internet banking, and electronic platforms to provide their services. Payment Banks often collaborate with existing banks and financial institutions to leverage their network and infrastructure. There are 4 scheduled payment banks in India.
- India Post Payments Bank Limited
- Fino Payments Bank Limited
- Paytm Payments Bank Limited
- Airtel Payments Bank Limited
6. Scheduled Regional Rural Banks
Regional Rural Banks (RRBs) in India were established to provide banking services to the rural and agricultural sectors. They primarily operate in rural and semi-urban areas, focusing on serving the financial needs of the rural population.
RRBs are jointly owned by the central government, state government, and a sponsor bank. RRBs offer a range of banking services such as deposit accounts, agricultural loans, small business loans, and remittance services. They have specific targets for lending to priority sectors like agriculture and microenterprises.
RRBs contribute to financial inclusion by reaching remote rural areas and promoting savings and financial literacy. They play a vital role in rural development and economic growth. The list of scheduled Regional Rural Banks is given below.
- Andhra Pragathi Grameena Bank
- Andhra Pradesh Grameena Vikas 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
7. Foreign Banks in India
Scheduled Foreign Banks in India are banks that have their headquarters located outside of India but operate branches or subsidiaries within the country. These banks are regulated by the Reserve Bank of India (RBI) and follow the banking regulations and guidelines applicable to them.
Some examples of Foreign Banks operating in India include Citibank, Standard Chartered Bank, HSBC, Deutsche Bank, and Bank of America. These banks contribute to the overall competitiveness and diversity of the Indian banking industry, bringing international standards and expertise to the country’s financial sector. There are 45 scheduled foreign banks in India.
- AB Bank Ltd.
- Abu Dhabi Commercial 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
- PT Bank Maybank Indonesia TBK
- Qatar National Bank (Q.P.S.C.)
- Sberbank
- SBM Bank (India) Limited*
- Shinhan Bank
- Societe Generale
- Sonali Bank Ltd.
- Standard Chartered Bank
- Sumitomo Mitsui Banking Corporation
- United Overseas Bank Ltd
- Woori Bank
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