Types of bank: Ing 1

Types of Banking 1. Retail Banking Retail banking, also known as personal banking, operates directly with individual customers, addressing their personal financial needs. These banks play a pivotal role in collecting customer deposits, which serve as a significant source for facilitating loans to retail clients. Key products in retail banking encompass deposits, credit cards, mortgages, personal loans, and various savings and investment options. They focus on delivering a broad range of ... The bank takes deposits at a much lower rate from the public called the deposit rate and lends money at a much higher rate called the lending rate. Banks can be classified into various types. Given below are the bank types in India:- Central Bank Cooperative Banks Commercial Banks Regional Rural Banks (RRB) Local Area Banks (LAB) Specialized Banks Small Finance Banks Payments Banks This is an important topic for the IAS Exam. In this article, aspirants will get information on the banking ... Functions of Banks in India: Banks in India offer a wide range of banking services such as saving and checking accounts, loan ( personal business and mortgages) credit cards, investment services and electronic banking options like online and mobile banking. Types of Banks in India PDF and Their Functions There are various types of banks operational in India that serve various functions. Let's learn about how many types of banks in India, their working methods, and their specializations.