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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 ... Commercial banks in India include the State Bank of India, United Bank of India, ICICI Bank, HDFC Bank, etc. Commercial banks play a significant role in supplying funding to businesses for both immediate and medium-term needs. In this comprehensive guide, we’ll explore the functions of Indian banks, types of banks including public sector, private sector, foreign banks, RRBs, and payment banks, as well as various Bank accounts and key banking concepts such as RTGS, UPI, IMPS, and more. Learn what a bank is, how banks work, the main types (retail, commercial, investment, and central), and tips on choosing the right one for your needs.
