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Money and Banking: Banking System Overview

Central Bank

The Reserve Bank of India is India's central bank and the regulatory authority for monetary policy and the banking system in India. It is responsible for regulating the country's financial system and maintaining price stability. The Reserve Bank of India also manages foreign exchange reserves and oversees the operations of other financial institutions in India.

Regulated by: Reserve Bank of India

Services typically offered by the central bank include:

Regulating monetary policy
Supervising banking system
Managing foreign exchange reserves

Examples: Reserve Bank of India

Commercial Banks

Commercial banks in India offer a wide range of banking services to individuals, small businesses, and large corporations. They provide services such as checking and savings accounts, personal loans, mortgages, credit cards, and investment services.

Regulated by: Reserve Bank of India

Services typically offered by commercial banks include:

Checking and savings accounts
Personal loans and lines of credit
Mortgage loans
Credit cards
Investment services

Examples: State Bank of India, HDFC Bank, ICICI Bank

Investment Banks

Investment banks in India offer financial advisory services and help companies raise capital through underwriting and issuance of securities.

Regulated by: Securities and Exchange Board of India (SEBI)

Services typically offered by investment banks include:

Mergers and acquisitions
Underwriting and issuance of securities
Advisory services

Examples: Kotak Investment Banking, Axis Capital, Edelweiss Financial Services

Retail Banks

Retail banks in India offer banking services to individuals, such as personal loans, mortgages, and credit cards.

Regulated by: Reserve Bank of India

Services typically offered by retail banks include:

Personal loans and lines of credit
Mortgage loans
Credit cards

Examples: ICICI Bank, HDFC Bank, Axis Bank

Foreign Banks

Foreign banks in India offer banking services to individuals, small businesses, and large corporations. They are typically subsidiaries of foreign banks from other countries.

Regulated by: Reserve Bank of India

Services typically offered by foreign banks include:

Checking and savings accounts
Personal loans and lines of credit
Mortgage loans
Investment services

Examples: Citibank, Standard Chartered Bank, HSBC Bank

Credit Unions

Credit unions in India are member-owned financial cooperatives that offer banking services to their members, typically individuals with a common bond such as a shared profession or geographic location.

Regulated by: Reserve Bank of India

Services typically offered by credit unions include:

Checking and savings accounts
Personal loans and lines of credit
Mortgage loans

Examples: Indian Farmers Fertiliser Cooperative Limited, Saraswat Co-operative Bank Limited

Savings and Loan Associations

Savings and loan associations (SLAs) are financial institutions that accept deposits from customers and provide loans for various purposes such as home loans, car loans, personal loans, and business loans.

Regulated by: Reserve Bank of India and the National Housing Bank (NHB)

Services typically offered by savings and loan associations include:

Accepting deposits from customers
Providing loans for various purposes
Offering investment products such as fixed deposits and recurring deposits

Examples: LIC Housing Finance, HDFC Ltd., PNB Housing Finance

Online Banking

Online banking refers to the use of electronic channels such as the internet and mobile devices to access banking services. The growth of online banking in India has been significant in recent years, with most banks offering online banking services to their customers.

Regulated by: Reserve Bank of India and the Ministry of Electronics and Information Technology (MeitY)

Services typically offered by online banking include:

Account balance inquiry and transaction history
Fund transfers and bill payments
Investment and wealth management services

Examples: State Bank of India (SBI), HDFC Bank, ICICI Bank