write a short note on Indian Banking System
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The banking system of India consists of the central bank (Reserve Bank of India - RBI), commercial banks, cooperative banks and development banks (development finance institutions). These institutions, which provide a meeting ground for the savers and the investors, form the core of India's financial sector.
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The banking system in India has four tiers: Scheduled commercial banks: a scheduled bank in India refers to the bank which is listed in the second schedule of the reserve bank of India act, 1934. ... Regional rural banks: these banks are also called Gramin banks. These are Indian scheduled banks operating in rural areas.
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