Retail Banks: These are the banks that most individuals are familiar with. They offer basic banking services to consumers, such as savings accounts, checking accounts, loans, and mortgages.
Commercial Banks: Commercial banks primarily cater to businesses and corporations. They provide services like business loans, lines of credit, treasury management, and merchant services.
Investment Banks: Investment banks specialize in providing financial services to large corporations, institutions, and governments. They offer services such as underwriting, mergers and acquisitions (M&A), and securities trading.
Central Banks: Central banks are responsible for regulating a country's monetary policy and managing its currency. They oversee the banking system, set interest rates, and often serve as lenders of last resort.
Cooperative Banks: Cooperative banks are owned and operated by their members, who are typically individuals or small businesses within a specific community or industry. They provide traditional banking services while prioritizing the needs of their members.
Development Banks: Development banks focus on providing financial assistance and support for economic development projects, especially in developing countries. They offer long-term loans, grants, and technical assistance to promote growth and infrastructure development.
Savings Banks: Savings banks are similar to retail banks but often have a specific focus on promoting saving habits and financial literacy among their customers. They typically offer savings accounts, certificates of deposit (CDs), and other savings products.
Online Banks: Online banks operate entirely or primarily online, without physical branches. They offer convenience, competitive interest rates, and low fees by minimizing overhead costs. Online banks provide a wide range of banking services, including savings accounts, checking accounts, and loans.
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