In India, there are several types of banks that are classified based on various factors such as ownership, functions, and activities. Some of the major types of banks in India are:
- Public Sector Banks: These are banks in which the majority stake is held by the government. Examples include State Bank of India, Punjab National Bank, Bank of Baroda, etc.
- Private Sector Banks: These are banks that are owned by private individuals or companies. Examples include ICICI Bank, HDFC Bank, Axis Bank, etc.
- Foreign Banks: These are banks that have their headquarters located outside India but have branches and operations within the country. Examples include Citibank, Standard Chartered Bank, HSBC Bank, etc.
- Regional Rural Banks: These are banks that are established with the objective of providing banking facilities in rural areas. These banks are jointly owned by the Government of India, the concerned state government, and the sponsoring bank.
- Co-operative Banks: These are banks that are owned and operated by members of a cooperative society. They are of two types – urban co-operative banks and rural co-operative banks.
- Payment Banks: These are banks that are licensed to carry out only limited banking services such as accepting deposits and making payments. Examples include Airtel Payments Bank, Paytm Payments Bank, etc.
- Small Finance Banks: These are banks that have been set up to provide financial inclusion and basic banking services to small businesses and low-income households. Examples include Ujjivan Small Finance Bank, Equitas Small Finance Bank, etc.