Different types of banks
Banking is a comprehensive wide term
in which different types of financial activity take places. In other words – a
system or place where we put our money or valuable things for safety purpose
and take back or withdrawal according to our need or requirement. Bank system
deal in money, it takes money from depositor on a low rate and gives it to
industries on other/higher rates according to their needs. In past time lot of
people involve in these types of activity like – shroffs, seths, mahajans,
baniya or sahukar etc.
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| Different types of banks |
Here, we mention some different types
of banks
Commercial
bank – a bank which
accept deposit and allow people for withdrawal in any way like cash or
cheque, come under a commercial bank. It
also provide help for trade, industry, commerce, discount bill, payment, tax
and money transfer etc.
Saving
bank – these banks
always motivate for saving for their future needs, by introducing a variety of
attractive schemes. These banks are hardly working in current days.
Land
development bank –
these bank set up for especially for farmer. They provide fund for a long run
with a low charge and recover in installments over a long run.
Co-operative
bank – these banks
formed on mutual benefits for a society. These banks provide short term support
to farmer & small scale industry. These are formed on village level,
district or state level.
Industrial
bank – these banks
provide medium and long term financial help to industry. Some of like – Industrial
Finance Corporation of India (IFCI), Industrial Credit and Investments Corporation
of India (ICICI), National Small Industries Corporations ltd.
Exchange
bank – these banks
have a concern with buying & selling of foreign exchange and provide
support for export-import. In it, we include foreign exchange, bill payment or
exchange, credit facility and allow hedging.
