ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A bank is a financial institution licensed to receive deposits and provide other services such as mortgage loans and individual retirement accounts. A chartered bank is a financial institution in the business of providing monetary transactions, such as safeguarding deposits and making loans.

Detailed explanation-2: -The major categories of financial institutions are central banks, retail and commercial banks, internet banks, credit unions, savings and loan (S&L) associations, investment banks and companies, brokerage firms, insurance companies, and mortgage companies.

Detailed explanation-3: -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.

Detailed explanation-4: -Central Bank. Cooperative Banks. Commercial Banks. Regional Rural Banks (RRB) Local Area Banks (LAB) Specialized Banks. Small Finance Banks. Payments Banks.