Reserve Bank of India (RBI): The Reserve Bank of India is the central bank of the country, responsible for regulating the banking system and managing the monetary policy.
Commercial Banks: Commercial banks are the primary institutions in the banking system that accept deposits from the public and provide loans and other financial services.
Public Sector Banks: Public sector banks are those banks that are owned by the government of India. These banks are responsible for providing banking services to the public, particularly in rural areas.
Private Sector Banks: Private sector banks are those banks that are owned and operated by private individuals or corporations. These banks operate on a for-profit basis and offer a wide range of financial services to their customers.
Cooperative Banks: Cooperative banks are financial institutions that are owned and operated by their members. These banks are established to provide financial assistance to their members, particularly those who belong to a specific community or region.
Non-Banking Financial Companies (NBFCs): NBFCs are financial institutions that offer financial services and products similar to banks. However, they are not regulated by the RBI and cannot accept deposits from the public.
Payment Banks: Payment banks are a new category of banks that have been recently introduced in India. These banks are primarily focused on providing payment and remittance services to their customers.
Small Finance Banks: Small finance banks are financial institutions that are primarily focused on providing financial services to the unbanked and underserved segments of the population, including small businesses, farmers, and low-income households.
Point of Sale (POS) Terminals: POS terminals are electronic devices used by merchants to accept payments from customers through debit or credit cards.
Automated Teller Machines (ATMs): ATMs are electronic devices that allow customers to withdraw cash and perform other banking transactions without visiting a physical bank branch.
