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Define a bank what are its different types?
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Define a bank what are its different types?
Bank
A bank is a financial institution that accepts deposits from the public and creates credit. It provides a range of financial services such as loans, mortgages, and investment products to individuals and businesses.
Types of Banks
- Commercial Banks: These are the most common type of banks that offer a wide range of financial services to individuals, businesses, and government entities. They accept deposits, provide loans, and offer various other financial products and services.
- Retail Banks: These banks cater to individual customers and offer basic banking services such as savings accounts, checking accounts, and personal loans. They typically have a large network of branches and ATMs.
- Investment Banks: These banks primarily deal with raising capital for corporations, governments, and other entities. They assist in mergers and acquisitions, underwriting securities, and providing financial advisory services.
- Central Banks: Central banks are responsible for regulating the country's monetary policy, issuing currency, and maintaining financial stability. They act as the lender of last resort and oversee the banking system.
- Development Banks: These banks provide long-term financing for development projects and promote economic growth in developing countries. They focus on sectors such as agriculture, infrastructure, and small businesses.
Each type of bank serves a specific purpose and plays a vital role in the economy by facilitating financial transactions, promoting savings, and allocating capital efficiently.
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Define a bank what are its different types?
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Define a bank what are its different types? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Define a bank what are its different types? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Define a bank what are its different types?.
Define a bank what are its different types? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Define a bank what are its different types? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Define a bank what are its different types?.
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