lesson no.15 Q3. What are the different types of banks in India?

The main types of banks in India are:

1. Central Bank: The Reserve Bank of India (RBI) is India’s central bank. It regulates the banking system and manages monetary policy.

2. Commercial Banks: These banks accept deposits and provide loans to individuals and businesses. They include public sector banks, private sector banks and foreign banks.

3. Cooperative Banks: These banks are based on cooperation and mutual help. They provide banking services and credit to farmers, local businesses and communities.

4. Specialised Banks: These banks focus on particular sectors or activities. For example, EXIM Bank supports export and import activities, while NABARD supports agriculture and rural development.

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