Scheduled bank
Market basicsAlso called: Scheduled commercial bank
A bank included in the second schedule to the Reserve Bank of India Act, which gives it access to the central bank’s facilities and the clearing system.
In plain terms
What actually brings the prudential inspection and the deposit insurance is the banking licence, not the schedule. Small finance banks, payments banks and registered co-operative banks hold that licence; societies and nidhis do not, whatever the passbook looks like.