Banks in India are classified into four categories –
- Commercial banks
- Small finance bank
- Payments banks
- Co-operative banks
1.commercial banks:- commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit
2.small finance bank:-Small finance banks are a type of niche banks in India. Banks with a small finance bank license can provide basic banking service of acceptance of deposits and lending.
3.Payment banks:-Payments banks is an Indian new model of banks conceptualised by the Reserve Bank of India (RBI). These banks can accept a restricted deposit, which is currently limited to ₹200,000 per customer and may be increased further
4.co-opretive bank:-Co-operative banking is retail and commercial banking organized on a cooperative basis. Cooperative banking institutions take deposits and lend money in most parts of the world.
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