Explain briefly the various types of banks

1.Central bank: Central bank is the apex institution of a country’s banking system. It controls, regulates, and supervises the activities of commercial banks. In India, the Reserve Bank of India is the central bank.
2. Commercial banks : Commercial banks accept the deposits for the purposeof being lent to industry or trade. These Eire governed by the Indian Banking Regulation Act, 1949. These are sub-divided into :
(i) Public sector banks : Public sector banks are managed and controlled by the government as it is the major shareholder. These banks make policies keeping in view the welfare of the people.
(ii) Private sector banks : These are managed and controlled by private individuals as a majority
of shareholders are from private concerns. These banks work on a profit basis.
(iii) Cooperative banks : These banks are formed to provide/grant loans to its members on easy terms. These are controlled by the State Corporation Societies Act.
(iv) Specialised banks : These banks are formed
with the purpose of providing specific needs of the industry.