Briefly explain four types of banks and their objective
and functions
Answers
Answer:
Commercial Banks
Commercial banks service primarily individuals and small businesses. Typically, they will offer similar services as a retail bank: The ability to open checking and savings accounts, provide small business loans, and offering other financial products.
Central Banks
Central banks serve a more governmental role than the other kinds of banks discussed here. They help their country meet the nation's overarching economic goals. This is done primarily through controlling monetary policy and manipulating the supply of currency.
Cooperative or Mutual Banks
Cooperative or mutual banks can offer the financial products that both retail and commercial banks provide. The only difference is that they operate on a cooperative basis, meaning that the bank's customers own a portion of the bank.
Investment Banks
Investment banks serve as intermediaries and advisers for large corporations, governments, hedge funds, and other financial institutions. Investment banks serve these large organizations by helping them manage complex financial tasks.
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