Banking is a new term to be in homemakers, salaried people, businessmen, Farmers, students or any other Professions. Especially when you talk about Indian banking connected with banks. The banking is industry takes care of the finance of all over India.
Banks is a backbone of the economy in a country and hence and demand hence have strict rules and regulation. The bank is something which Is one of the most important things the main transaction o anything is happing for the bank. There are many banks available but when you are talking about a different bank that is available.
Banks classification In India
There are two types of categories which are has been classified in India no .is Scheduled and non-scheduled bank.
The banks are the bank which includes commercial banks and cooperative banks. And commercial banks include banks like Regional rural banks, small finance banks, foreign banks, private sector banks, and public sector Banks.
Cooperative banks include banks like an urban and rural banks. Let us discuss the banks
Scheduled Banks is the bank which is been covered under the reserve bank of India act 1934. If you want to be qualified for the Scheduled bank, then you have a minimum of 5 lakh paid-up capital that is required on the bank’s behalf.
A commercial bank is a bank that is regulated and managed under the banking regulation act 1949. This type of bank is the profit-making bank which are is based on their business model.
There are four types of commercial banks.
Public sector banks
Public sector bank is in the bank which is more than 75% of the banking business in the nation. It is been range against the 50 banks in the world. We have mentioned some of the banks in India.
1.STATE BANK OF INDIA
2. BANK OF INDIA
3. ALLAHABAD BANK
4. BANK OF MAHARASHTRA
5. CANARA BANK
6. INDIAN OVERSEAS BANK
7. IDBI BANK
8. ORIENTAL BANK OF COMMERCE
Private Sector banks
Private sector banks always hold some of the major stakes in private sector banks. Below we have mentioned some of the private sector banks in India.
1. HDFC BANK
2. ICICI BANK
3. AXIS BANK
4. YES BANK
5. INDUSIND BANK
6. KOTAK MAHINDRA BANK
7. DCB BANK
So above we have mentioned different types of banks in India. If you have like the content then try to comment down below your feedback and thank you for reading.