Banks these days provide a variety of services. They
provide both short-term and long term credit. Their customers come from all
walks of life from a small business to a multinational corporation having its
business activities all around the world. The banks have to satisfy the
requirements of different customers belonging to different social groups. The
banking business has therefore
become complex and requires specialized skills.
As a result different types of banks have come into existence to suit specific
requirements. Broadly based on their functions, banks can be classified into
the following categories-
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| Classification of Banks |