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Central bank rbi commercial banks development banks or development finance institutions cooperative banks and specialized banks.
Types of commercial banks in india. Some examples commercial banks in india are state bank india sbi punjab national bank pnb etc. It is a bank that provides checking accounts savings accounts and money market accounts and that accepts time deposits. Some of the indian. A bank dealing with general public accepting deposits from making loans to large numbers of households and firms.
The scheduled commercial banks. Commercial banks are of three types which are as follows. 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. Types and functions of commercial banks of india.
Current affairs funda aptitude lr 39002 views 1750. Commercial banks in india are usually categorized into scheduled commercial banks and unscheduled commercial banks. In india public sector banks operate under the guidelines of reserve bank of india rbi which is the central bank. If you are looking for classification based on functions products or services offered please refer to our article types of banks their functions.
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. They are governed by the provisions of reserve bank of india act 1934 banking regulation act 1949 and other relevant statutes. Commercial banking is also known as business banking. They are to be registered as public limited companies under the indian companies act 1956.
A bank is an institution where debts usually referred to as bank deposits are commonly accepted in final settlement of other peoples debts. India reserve bank of india rbi is the central bank. Through the process of accepting deposits and lending commercial banks create credit in the economy. A public sector banks.
Till 1955 the bank was private. A commercial bank is a type of financial intermediary and a type of bank. Apart from these a fairly new addition to the structure is payments bank. Commercial banks can be further classified into public sector banks private sector banks foreign banks and regional rural banks rrb.
Types of bank in india lecture 2 commercial public sector co operative rrbs and mcq duration. Refer to a type of commercial banks that are nationalized by the government of a country. In public sector banks the major stake is held by the government.
