Type of Banks\
There is varied focus on banking, needs are diverse and method are also different. Thus, we require different kinds of banks to satisfy the above-mentioned difficulties and to operate according to market forces. India has 20 nationalised public sector banks such as SBI, PNB, IOB etc., and other private sector banks like HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Jammu and Kashmir Bank.
|Banking and Social Objectives
In the recent past there has been an intensive struggle by the policy makers in redirect banking to achieve social objectives. The banking policy of the country has experienced a major shift:
- Cooperative Bank: Provisions of State Cooperative Societies Act governs these banks and meant especially for providing cheap credit to their members. It's a significant source of rural credit i.e., agricultural financing in India.
- Specialized Banks: These are foreign exchange banks, industrial banks, development banks, export-import banks catering to particular requirements of these unique actions. They provide financial help to industries, large turnkey projects and foreign trade.
- Central Bank: This type of bank supervises, controls and regulates the actions of all the commercial banks of the country as well as acts as a government banker. The currency and credit policies of any country are controlled and coordinated by them. The Reserve Bank of India is the central bank of India.