Types Of Commercial Banks In India

In india public sector banks operate under the guidelines of reserve bank of india rbi which is the central bank.

Types of commercial banks in india. A bank is an institution where debts usually referred to as bank deposits are commonly accepted in final settlement of other peoples debts. Apart from these a fairly new addition to the structure is payments bank. It is a bank that provides checking accounts savings accounts and money market accounts and that accepts time deposits. Some of the indian.

The scheduled commercial banks. Through the process of accepting deposits and lending commercial banks create credit in the economy. On the other hand cooperative banks are classified into urban and rural. Current affairs funda aptitude lr 39002 views 1750.

Different types of banks in india their functions in this article we present the types of banks applicable and prevalent in india. They are governed by the provisions of reserve bank of india act 1934 banking regulation act 1949 and other relevant statutes. Commercial banks in india are usually categorized into scheduled commercial banks and unscheduled commercial banks. Types and functions of commercial banks of india.

Till 1955 the bank was private. A commercial bank is a type of financial intermediary and a type of bank. A bank dealing with general public accepting deposits from making loans to large numbers of households and firms. Commercial banks can be further classified into public sector banks private sector banks foreign banks and regional rural banks rrb.

Commercial banks are of three types which are as follows. Types of bank in india lecture 2 commercial public sector co operative rrbs and mcq duration. If you are looking for classification based on functions products or services offered please refer to our article types of banks their functions. A public sector banks.

Central bank rbi commercial banks development banks or development finance institutions cooperative banks and specialized banks. Refer to a type of commercial banks that are nationalized by the government of a country. So every bank other than rbi is either a scheduled bank or a non scheduled bankhowever on the basis of functions there are five broad categories of banks in india viz. They are to be registered as public limited companies under the indian companies act 1956.

In public sector banks the major stake is held by the government. In the initial years the three presidency banks bank of bombay bank of bengal and bank of madras came together and amalgamated to form on a bank called imperial bank of india. Commercial banking is also known as business banking.