Question

Make a flowchart of various types of Banks​

Answer 1

Banks are financial institutions that perform deposit and lending functions. There are various types of banks in India and each is responsible to perform different functions.

Banks can be classified into various types. Given below is the bank types in India:-

VARIOUS TYPES OF BANKS ARE :

• Central Bank
• Cooperative Banks
• Commercial Banks
• Regional Rural Banks (RRB)
• Local Area Banks (LAB)
• Specialized Banks
• Small Finance Banks
• Payments Banks

Functions of banks;

• Acceptance of deposits from the public
• Provide demand withdrawal facility
• Lending facility
• Transfer of funds
• Issue of drafts
• Provide customers with locker facilities
• Dealing with foreign exchange