What do you mean by Commercial banks? List the type of commercial bank on the basis of their ownership?
Answers
Answer:
The term commercial bank refers to a financial institution that accepts deposits, offers checking account services, makes various loans, and offers basic financial products like certificates of deposit (CDs) and savings accounts to individuals and small businesses.On the basis of ownership, banks are classified into public sector banks and private sector banks. A public sector bank is a Government of India undertaking and a private sector bank is owned by the shareholders.
Answer:
The term commercial bank refers to a financial institution that accepts deposits, offers checking account services, makes various loans, and offers basic financial products like certificates of deposit (CDs) and savings accounts to individuals and small businesses. A commercial bank is where most people do their banking.
Types of commercial banking
On the basis of ownership, banks are classified into public sector banks and private sector banks. A public sector bank is a Government of India undertaking and a private sector bank is owned by the shareholders.