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Types of bank in India

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  There are mainly three types of bank in India. Namely public sector banks, private sector banks and co-operative banks. Public sector banks which were earlier started as private bank and letter on government of India did nationalization in 1969. The purpose behind the nationalization was send banking service to the All public “called class to mass” banking. Government holds a stake of more than 51 percent in all these public sector banks. In the current scenario there are 12 public sector banks in India. check the list blow Second type of banks are private banks or called banking companies. All these banks are governed by the companies Act 1956 and letter companies Act 2013 according to their creation. BR Act and RBI Act are also applicable to these banks. List of major private sector banks HDFC Bank Axis Bank ICICI Bank Kotak Mahindra Bank YES Bank Federal Bank Bandhan Bank City Union Bank IDBI Bank CSB Bank DCB Bank Dhanlaxmi Bank
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What is bank

  Bank is a financial institution which provides lots of services to make easy peoples life. But the main objective of bank is accepting deposits from the public for the purpose of lending and investment in between bank earns commission called interest. Suppose a bank excepts deposit at the interest rate of 6 percent and lend it at 8 percent now the difference of 2 percent is banks earning. Every banking company has to use the word bank as part of its name and no company other than a banking company can use the words like bank, banker, and banking. because it is prohibited in section 7 of RBI Act 1934. Banking law Term banking is defined under section 5(b) of banking regulation act 1949. There are two types of banking low applicable to every bank or banking company in India. The first one is Reserve Bank Of India Act 1934 and the second one is Banking Regulation act 1949. Banking Regulation Act by Government of India and RBI Act by RBI itself. Government frames the rule under finance m
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