The relevant definition of "scheduled bank" under the RBI Act is found in:
The proviso to s.3(3D) uses "scheduled bank" as defined in "clause (e) of section 2" of the Reserve Bank of India Act, 1934, which means a bank included in the Second…
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The relevant definition of "scheduled bank" under the RBI Act is found in:
Answer and explanation
Correct answer B
The proviso to s.3(3D) uses "scheduled bank" as defined in "clause (e) of section 2" of the Reserve Bank of India Act, 1934, which means a bank included in the Second Schedule to that Act. Section 17 of that Act lists the business the Reserve Bank may transact, and s.2(a) defines "the Bank" as the Reserve Bank itself.