A commercial bank is a financial institution that provides services such as accepting deposits, giving business loans, mortgage lending, and basic investment products such as savings accounts and certificates of deposit.
Classification of Commercial Bank in India
Commercial banks in India are classified on the basis of two aspects. They are
Classification of Commercial Bank in India on the basis of the Statute:
- scheduled banks and non-scheduled banks Scheduled banks are included in the second schedule of the Reserve Bank of India Act, 1934.
- Non-scheduled banks are not included in the second schedule of the Reserve Bank of India Act, 1934.
Classification of Commercial Bank in India on the basis of Ownership:
- Public sector and private sector commercial banks
- A public sector bank is a Government of India undertaking, while a private sector bank is owned by shareholders.
- In the private sector, both Indian banks and foreign banks are operating in the country.
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