InvestorQ : what do you mean by bank
soniprava Bharati made post

what do you mean by bank

Roshni Hegde answered.
12 months ago

In simple terms, "bank" is a financial institution. Banks are licensed to receive deposits and make loans from their customers. It provides various financial services like wealth management, currency exchange, and safe deposit boxes. Each service has variable charges in every respective bank.

Bank facilitates customers to save or borrow money. These money banks pick up to invest to build up their financial reserve. The entire regulation of bank is by its respective laws. Laws differ from country to country. Certain banks deal directly with the public and some banks deal with investments and international currency trading.

In India, banks are categorised in 4 different ways- Commercial Bank, Small Fiance Bank, Payments Bank, Co-operative Bank.

Here are some examples are each type of bank in India-
Commercial banks are Bank of Baroda, Bank of India, Canara Bank.
Small Finance bank are Ujjivan Small Finance Bank, Jana Small Finance
Bank, Capital Small Finance Bank.
Payments Bank are Airtel Payments Bank, Jio Payments Bank.
Foreign Banks are American Express, DBS Bank etc.