List of various Types of Banks.
List of main types of banks are:
Such banks are owned and controlled by Government or may be run in a private sector. This institution provides help to its depositors by making use of their funds in profitable projects and providing them various services. These banks help in mobilizing the deposit by providing all types of loans to trade and industry.
These banks come under private sector. RBI controls and inspects such banks. It is a voluntary association of members for self help and financial needs are catered on a mutual basis. Resources of such banks come from their shares, public deposits, loans provided by RBI and loans from state cooperative banks.
Land Development Banks:
Long-term credit is provided by these banks to farmers against security of their land for agricultural purposes such as tractors, land improvement, pump sets etc. Such banks do not mobilize deposits and maintain cash reserve ratio. Their resources are raised by flotation of debentures, subscribed by LIC, RBI and commercial banks.
With a view to promote rapid industrial development, such banks are established. Loans are provided by such banks to industrial sector. For example, IDBI, IFCI, IRBT, ICICI etc. They provide various services such as raising management standards, identification of suitable projects, preparation of project reports etc.
Central bank is there in every country and it is the highest financial authority. In the money market of a country, this bank is said to be the apex bank and statutory institution. Reserve Bank of India is the central bank in India. The whole of the banking system in the country is regulated and supervised by this bank. It only has the right to issue note and it lends last resort and custodian of foreign exchange of the country.
Regional Rural Banks:
Such banks were established with a view to provide credit and other facilities to agricultural laborers, marginal and small farmers, artisans and small entrepreneurs in rural areas; Scheduled banks sponsor these banks and scheduled bank is usually a nationalized commercial bank.