Various types of a bank exist in the world we discussed all these types in this post and we also discussed the modern online banks like Paytm bank.
according to the oxford dictionary :
" Banks is an establishment for custody of money, which it pays out on customer order "
the bank is the institution that deals in money and credit. a bank accepts the money in the form of deposit and lending in the form of credits and loans.
there are many types of banks in the world like
central bank: It is the apex bank of the banking structure of the country.central bank maintain the economic stability of the country EX: In India, The Reserve Bank of India, in England, The Bank of England and in America the Federal Reserve Bank are the Central Banks
commercial banks: These banks accept deposits and lending money for earning interest. EX: all public sector banks, private sector banks, and foreign banks
development banks: This type of bank help to small scale businesses for growing there countries economy.
co-operative banks: The main motive of these type of bank is providing a loan to backward people in the society types in this bank bellow (1) primary credit society (2) district central co-operative society (3) state co-operative banks
specialized banks: this bank made for the special purpose (1) export and import bank of India (2) small industries development bank of India (3)national bank of agriculture and rural development (NABARD)
regional rural bank: mostly work in a rural area for developing country
exchange banks: it helps in the foreign trade
indigenous banker: this type of bank deal in the hundis and promissory note
saving bank: this bank work in small saving and fixed deposits
SOME OTHER BANK ALSO WORK LIKE BANKS BUT THIS NOT BANKS
this type of software and application provides the only system of payment but sum providers give the interest when you deposited into his wallet