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MCQ 2

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MCQ 1

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What is a bank?

                                        

                                           

  A bank is a financial institution involved in the business of granting loans or credit and accepting deposits from its customers. A bank is a company with a main objective of earning profits. It earns profit in the form of Interest income on its loans and credit. Banks may also provide financial services such as wealth management, currency exchange, and some other facilites and services, such as locker facility; government services - Aadhaar enrolment, government schemes; mandate services; etc. There are several different kinds of banks including retail banks, commercial or corporate banks, investment banks, etc. In India, all banks come under the purview of the Reserve Bank of India, India's central bank.

Types of banks in India: 

1. Scheduled Commercial banks- State Bank of India, Canara Bank, etc.

2. Regional Rural banks- Andhra Pragathi Grameena Bank, Aryavrat Bank, etc.

3. Co-operative Banks- Central, State, Primary co-operative Banks.

4. Local Area Banks (2)- Coastal Local Area Bank, and Krishna Bhima Samruddhi LAB Ltd. 

5. Specialized Banks- EXIM Bank, SIDBI, NABARD, etc.

6. Small Finance Banks- Ujjivan Small Finance Bank, Equitas Holding Pvt. Ltd., etc.

7. Payments Banks- Airtel Payments Bank, India Post Payments Bank, etc.

Note: Reserve Bank of India (RBI) is a central bank or Central authority for the regulation of banking system in India. It does not deal with any private individual or firm. 

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