MANAGEMENT

Detailed explanation-1: -The major categories of financial institutions are central banks, retail and commercial banks, internet banks, credit unions, savings and loan associations, investment banks and companies, brokerage firms, insurance companies, and mortgage companies.

Detailed explanation-2: -Commercial Banks A commercial bank is a type of financial institution that accepts deposits, offers checking account services, makes business, personal, and mortgage loans, and offers basic financial products like certificates of deposit (CDs) and savings accounts to individuals and small businesses.

Detailed explanation-3: -Financial institutions therefore encompass banks, trust or insurance companies, credit unions, finance companies, securities firms, leasing companies, etc. In that sense, financial institutions constitute a major component of the financial services sector.