Question : A bank that has a paid-up capital of ______ and above qualifies for the scheduled bank category listed in the RBI Act 1934.
Option 1: Rs. 1 lakh
Option 2: Rs. 2 lakhs
Option 3: Rs. 5 lakhs
Option 4: Rs. 4 lakhs
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Correct Answer: Rs. 5 lakhs
Solution : The correct option is Rs. 5 lakhs .
A bank with a paid-up capital of Rs. 5 lakh and above qualifies for the scheduled bank category under the Reserve Bank of India Act, 1934. Scheduled banks are eligible for various privileges and facilities, including access to central banking services, as outlined by the Reserve Bank of India.
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