Question

Define bank. Explain different types of banks.

Answer 1

A bank is a financial institution licensed to receive deposits and make loans. Banks may also provide financial services, such as wealth management, currency exchange and safe deposit boxes. There are two types of banks: commercial/retail banks and investment banks. In most countries, banks are regulated by the national government or central bank

TYPES OF BANKS (in image).

Answer 2

Bank can be defined as follows:

Explanation: Banks are the financial institutions who accept deposits from the public for the purpose of advancing loans to them by charging interest for the same.

Different types of banks can be explained as follows:

• Central Bank: These are the apex bank of any country which regulates the functioning of entire banking system. They are responsible for regulating monetary policy in the country.
• Co-operative Banks: These are being created to provide short term, medium term, long term credit to the farmers, small scale industries etc. at cheap rate of interest. These are generally seen at rural areas.
• Industrial Banks: These are also known as Investment Banks. These are being created with a purpose of advancing loans to the industries for the purchase of fixed assets such as plant and machinery, land etc.

Learn more about Banks:

Question: Explain the functions of the Central Bank.

Answer: https://brainly.in/question/6738298

Question: Difference between commercial banks and central banks?

Answer: https://brainly.in/question/7403544