with names-Canara Bank, Punjab National Bank, State Bank of India, United . There are various types of banks which operate in our country to meet the. the Imperial Bank of India Act, , these three banks were directed to merge .. Various types of banks have developed to suit the economic development and. In India, the Reserve Bank of India (RBI) is the apex banking institution that regulates the monetary policy in the country. Scheduled banks can further be classified into commercial banks and cooperative banks. Commercial Banks can be further classified into public sector banks.
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There are different types of banks in every country. According to the Indian Banking Regulation Act defined banking as the 'Accepting the. Types of Banks and Their Functions – Banking Study Material & Notes There are several types of commercial banks functioning in India based upon different. Banking is defined as the accepting purpose of lending or investment of deposits, money from the public, repayable on demand or otherwise and withdrawable.
This act along with the Companies Act, which was amended in , were meant to provide a framework for the supervision of banking firms in India.
It is the main committee of the Central Bank. The Board consists of a Governor, and not more than four Deputy Governors, four Directors to represent the four regional boards, two from the Ministry of Finance and 10 other directors from various fields which accounts to 21 members in total. The Government of India appoints the Governor and Deputy Governors for a period of 5 years and the directors for a 4-year term.
One is nominated from among the Chairpersons of public sector banks and the other is an economist. Venugopal Reddy.
Industries require long-term capital for downloading machinery, construction of buildings, expansion of operations, etc. These capital required by industries is provided by industrial banks for industrialists to grow their businesses. Industrial banks accept long-term deposits from the public.
They secure capital by issuing shares and debentures. Agricultural Banks are the banks which provide agricultural credit to the farmers. The Agricultural Development Banks provide medium term and long term credit.
Agricultural Banks are established by the government to promote agricultural credit in the country. Savings Banks mainly concentrates on the mobilization of savings of the people.
Classification of Banks in India
In India Post offices run by Postal department act as savings banks. Since Commercial banks are providing these facilities of savings banks to the public, the need for separate savings bank is fading.
Foreign Exchange Banks are the banks which provide finance for foreign trade. These banks accept deposits from the public. Foreign Exchange Banks are specialized banks in providing credit for the foreign trade.
These banks usually have their branches in foreign countries for uninterrupted functioning of their services. But in recent times commercial banks are also financing foreign trade.
Exchange Banks are the banks which operate by financing the imports and exports of the country. For example, Indigenous banks.
Different types of banks (detailed explanation)
Whereas, organized banking system refers to that part of the Indian banking system which is under the influence and control of the Reserve Bank of India. For example. The scheduled banks are those which are entered in the second schedule of RBI Act, Scheduled banks are those banks an which have a paid up capital and reserves of aggregate value of not less than Rs 5 lakhs and which satisfy RBI.
On the other hand, non-schedule banks are those banks whose total paid up capital is less than Rs 5 lakh and RBI has no specific control over these banks. These banks are not included in the second schedule of RBI Act, They have been called by various names in different parts of the country as Shroffs, Sethus, Sahukars, Mahajans, Chettis and so on. They vary in their size from petty money lenders substantial shroffs.Other important functions carried out by RRBs include- Providing banking and financial services to rural and semi-urban areas Government operations like disbursement of wages of MGNREGA workers, distribution of pensions, etc.
On the other hand, cooperative banks are classified into urban and rural. April 9th, 2 Comments.
We hope this concise material is helpful in revision. They only provide working capital to the organizations. Financial Supervision:
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