Type 1. Saving Banks
Saving banks are established to practice saving habit amid the people. These banks are helpful for salaried people as well as depression income groups. The deposits collected from customers are invested inwards bonds, securities, etc. At acquaint around of the blogspot.com//search?q=commercial-banks-definitions-primary ">commercial banks deport the functions of savings banks. Postal region likewise performs the functions of saving bank.
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Type 2. Commercial Banks
Commercial banks are established alongside an objective to assist businessmen. These banks collect coin from full general world as well as attain short-term loans to businessmen past times way of cash credits, overdrafts, etc. Commercial banks supply diverse services similar collecting cheques, pecker of exchange, remittance coin from i house to or as well as hence other place.
In India, commercial banks are established nether Companies Act, 1956. In 1969, xiv commercial banks were blogspot.com//search?q=commercial-banks-definitions-primary">nationalised past times Government of India. The policies regarding deposits, loans, charge per unit of measurement of interest, etc. of these banks are controlled past times the Central Bank.
Type 3. Industrial Banks / Development Banks
Industrial / Development banks collect cash past times issuing shares & debentures as well as providing long-term loans to industries. The master copy objective of these banks is to supply long-term loans for expansion as well as modernisation of industries.
In Republic of Republic of India such banks are established on a large scale later on independence. They are Industrial Finance Corporation of Republic of Republic of India (IFCI), Industrial Credit as well as Investment Corporation of Republic of Republic of India (ICICI) as well as Industrial Development Bank of Republic of Republic of India (IDBI).
Type 4. Land Mortgage / Land Development Banks
Land Mortgage or Land Development banks are likewise known equally Agricultural Banks because these are formed to finance agricultural sector. They likewise assist inwards reason development.
In India, Government has come upward frontward to assistance these banks. The Government has guaranteed the debentures issued past times such banks. There is a swell direct chances involved inwards the financing of agriculture as well as mostly commercial banks practice non accept much involvement inwards financing agricultural sector.
Type 5. Indigenous Banks
Indigenous banks agency Money Lenders as well as Sahukars. They collect deposits from full general world as well as grant loans to the needy persons out of their ain funds equally good equally from deposits. These indigenous banks are pop inwards villages as well as small-scale towns. They perform combined functions of trading as well as banking activities. Certain well-known indian communities similar Marwaries as well as Multani fifty-fifty today run specialised indigenous banks.
Type 6. Central / Federal / National Bank
Every reason of the basis has a fundamental bank. In India, Reserve Bank of India, inwards U.S.A, Federal Reserve as well as inwards U.K, Bank of England. These fundamental banks are the bankers of the other banks. They supply specialised functions i.e. resultant of newspaper currency, working equally bankers of government, supervising as well as controlling unusual exchange. Influenza A virus subtype H5N1 fundamental banking firm is a non-profit making institution. It does non bargain alongside Blue Planet but it deals alongside other banks. The principal responsibleness of Central Bank is thorough command on currency of a country.
Type 7. Co-operative Banks
In India, Co-operative banks are registered nether the Co-operative Societies Act, 1912. They mostly attain credit facilities to small-scale farmers, salaried employees, small-scale industries, etc. Co-operative Banks are available inwards rural equally good equally inwards urban areas. The functions of these banks are simply similar to commercial banks.
Type 8. Exchange Banks
Hong Kong Bank, Bank of Tokyo, Bank of America are the examples of Foreign Banks working inwards India. These banks are mainly concerned alongside financing unusual trade.
Following are the diverse functions of Exchange Banks :-
- Remitting coin from i reason to or as well as hence other country,
- Discounting of unusual bills,
- Buying as well as Selling Gold as well as Silver, and
- Helping Import as well as Export Trade.
Type 9. Consumers Banks
Consumers banking firm is a novel add-on to the existing type of banks. Such banks are unremarkably found solely inwards advanced countries similar U.S.A. as well as Germany. The master copy objective of this banking firm is to attain loans to consumers for buy of the durables similar Motor car, telly set, washing machine, furniture, etc. The consumers direct maintain to repay the loans inwards tardily installments.
