Types of bank

 Banks can be classified into various types. Given below are the bank types in India:-

Central Bank

Cooperative Banks

Commercial Banks

Regional Rural Banks (RRB)

Local Area Banks (LAB)

Specialized Banks

Small Finance Banks

Payments Banks

Functions of Banks

The major functions of banks are almost the same but the set of people each sector or type deals with may differ. Given below the functions of the banks in India:

Acceptance of deposits from the public

Provide demand withdrawal facility

Lending facility

Transfer of funds

Issue of drafts

Provide customers with locker facilities

Dealing with foreign exchange