What are the different kinds of commercial banks?
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Generally speaking, there are three types of commercial banks:
Public Sector Banks: Government-owned financial institutions are known as public sector banks. A sizeable portion of the shares of these kinds of banks belongs to the government. In India, the Reserve Bank of India serves as a central bank, issuing guidelines to public sector banks.
Private Sector Banks: Private sector banks are classified as limited liability businesses. A greater percentage of the share capital of these institutions is held by private individuals or companies.
Foreign Banks: Foreign banks are located in another country and operate from there. Following the financial reforms in 1991, numerous foreign banks established operations in India. These banks are vital for a country’s economic growth.