A bank that has a paid-up capital of ______ and above qualifies for the schedule bank category as listed in the RBI Act 1934.

• Scheduled banks are covered under the 2nd Schedule of the Reserve Bank of India Act, 1934. To qualify as a scheduled bank, the bank should conform to the following conditions:
A bank that has a paid-up capital of Rs. 5 Lakh and above qualifies for the schedule bank category
A bank requires to satisfy the central bank that its affairs are not carried out in a way that causes harm to the interest of the depositors
A bank should be a corporation rather than a sole-proprietorship or partnership firm.

🔴Additional Information:
Banks are the institutional bodies that accept deposits and grant credit to the entities and play a major role in maintaining the economic stature of a country.  
In India, the Reserve Bank of India (RBI) is the apex banking institution that regulates the monetary policy in the country.
The banking sector of India can be broadly divided into two major groups’ i.e. scheduled banks and Non-Scheduled Banks.
Banks that have been included in the second schedule of the RBI Act, 1934 are called the scheduled bank while non scheduled banks are not included in the second schedule of the RBI Act,1934.