ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The most common types of financial institutions are commercial banks, investment banks, insurance companies, and brokerage firms. These entities offer a wide range of products and services for individual and commercial clients such as deposits, loans, investments, and currency exchange.

Detailed explanation-2: -financial institution. Any organization or business that provides services related to money.

Detailed explanation-3: -Credit unions provide members with a variety of financial services, including checking and savings accounts and loans. They are non-profit organizations that are intended to provide high-quality services to its members, not to maximize profits. In addition, they are actively involved with the community.

Detailed explanation-4: -Financial institutions fall into two categories: depository and non-depository institutions. Depository institutions include deposit-focused businesses such as credit unions, banks, and savings associations. In contrast, non-depository institutions include brokerage firms and insurance companies.

Detailed explanation-5: -Commercial Banks. Commercial banks are generally stock corporations whose principal obligation is to make a profit for their shareholders. Savings and Loans/Savings Banks. Credit Unions.