Types of BANK

Types of BANK

Central banks: These banks are responsible for overseeing a country's monetary policy, controlling the money supply, and setting interest rates.

Commercial banks: These banks provide a range of financial services to businesses, including checking accounts, loans, and lines of credit.

Cooperative banks: These banks are owned and controlled by their members, who are typically customers of the bank. They often focus on providing services to a specific community or geographic region.

Retail banks: These are the banks that most people are familiar with and use for everyday banking services such as checking and savings accounts, credit cards, and personal loans.

Investment banks: These banks help businesses and governments raise capital by underwriting and selling stocks and bonds, and providing merger and acquisition advisory services.

Private banks: These banks cater to high net worth individuals and families, providing wealth management services, investment advice, and other specialized financial services.

Islamic banks: These banks operate in accordance with Islamic principles, which prohibit charging or paying interest on loans. Instead, they use profit-sharing arrangements and other financial structures to provide banking services.

Online banks: These banks operate entirely online, with no physical branches. They offer many of the same services as traditional banks, but often have lower fees and higher interest rates.