Types of Banks in India

A Bank is a financial institution that provides banking and other financial services to their customers. A bank is generally understood as an institution which provides fundamental banking services such as accepting deposits and providing loans.

Besides this, the bank also offers its customers various ancillary services like money transfers, issue of demand drafts, leasing out safety lockers, collection of cheque, and so on.

Banks play a major role in maintaining the economic stature of a country. Thus, banks are kept under strict regulation in most of the countries. In India, the Reserve Bank of India is the apex banking institution that regulates the monetary policy in the country.

TYPES OF BANK IN INDIA:

Banks are classified into 4 categories-

1. Commercial Banks

2. Small Finance Banks

3. Payment Banks

4. Co-operative Banks

Click on the picture for clear view.

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The contents of this article are solely for informational purpose. It does not constitute any professional advice. The author does not represent that the contents of the article are accurate or complete. Neither the Site/Blog 'Your Instasolv' and the author accepts any liabilities for any loss or damage of any kind arising out of any information in this article nor for any actions taken in reliance thereon.

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