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Earlier,State Bank of Sikkim was not not under the regulatory purview of the Reserve Bank of India (RBI). Recently, even State Bank of Sikkim was brought under the regulatory purview of RBI. You can read about the Types of Banks in India – Category and Functions of Banks in India in the given link.
State Bank of Sikkim only operates in Sikkim. It was established in 1968, 5 years before Sikkim acceded to India. State Bank of Sikkim is owned by the state government. Due to the special status accorded to Sikkim, State Bank of Sikkim was not under the purview of Banking Regulation Act of 1949 and Reserve Bank of India Act of 1934.
Further readings:
- Granting License for Small Finance Banks by the Reserve Bank of India (RBI)
- SIDBI – Small Industries Development Bank of India & its Functions
Related Links | |
Financial Inclusion – National Strategy for Financial Inclusion [UPSC GS-III] | |
Types of Non Banking Financial Institutions India – Functions & Objectives | |
