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Different types/kinds of banks in India - Class 11

Rajiv Vadera
31/08/2018 0 0

Different Types of Banks-

1. Central Bank- The central bank is the apex bank in banking structure of any country. The Central Bank controls the flow of currency in the economy. It regulates the other banks in the country. It also works as a banker to the government. When other banks are in a problem, they approach the Central Bank for assistance. Hence it is also called as a banker's bank. The Central Bank has sole authority to print the paper currency of the country. In India, the Reserve Bank of India is the Central Bank. Likewise, The Bank of England is the Central Bank of England and Federal Reserve Bank is the central bank of the United States of America.

2. Commercial banks- Commercial banks are the banks which do the banking business with the aim of earning profits. They accept deposits from the public and lend them to traders, manufacturers, and businessmen. For example, Bank of India, Axis Bank, HSBC etc.

3. Development Banks - These banks provide financial assistance to various industries for the purchase of machinery and equipment, modernization and expansion. For example, IFCI (Industrial Finance Corporation of India and SFCs (State Financial Corporations)

4. Co-operative banks - Co-operative banks are the banks whose main objective is to provide financial assistance to economically weaker sections of the society. Examples of cooperative banks are The New India Cooperative Bank, Cosmos Co-op Bank etc.

5. Specialized Banks- These banks specialize in providing financial assistance to a particular industry or sector. For example, EXIM Bank, SIDBI, NABARD etc.

6. Regional Rural Banks- The main aim of Regional Rural Banks (RRBs) is to provide banking services in rural areas. Its function is to provide financial assistance to small traders and farmers in rural areas

7. Exchange Banks. These banks are mainly concerned with the financing of foreign trade. The main function of such banks is to provide a facility for transfer of money from one country to another. Example Bank of America and Bank of Tokyo are Exchange banks operating in India

8. Indigenous Bankers - These are private lenders who charge a very high rate of interest on loans given by them

9. Savings Bank- The main aim of the Savings Bank is to cultivate a habit of saving among people. For example, Post Office savings bank

Refer - Various Types of Banks

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