Which of the following is not an example of a commercial bank in India? (2024)

FAQs

Which of the following is not an example of a commercial bank in India? ›

The Reserve Bank of India is the central bank and does not transact directly with public. It is not a commercial bank, while the rest of the banks are. Q.

The Reserve Bank of India is not a commercial bank because it is the central bank of India with the authority to issue currency in the country.

Issuing currency is not a function of a commercial bank. The issuance of currency is the responsibility of a country's central bank, which is the monetary authority that controls the money supply and regulates the banking system.

Detailed Solution. The correct answer is State Bank of India. A Commercial Bank is a financial institution that accepts deposits, offers checking and savings account services and make loans.

Industrial banks differ from commercial banks because some do not offer demand deposit (checking) accounts. Industrial banks are FDIC-supervised financial institutions and are currently chartered in seven states (California, Colorado, Hawaii, Indiana, Minnesota, Nevada and Utah).

A non-commercial bank is commonly a bank that doesn't offer ordinary retail banking services. They are sometimes called private banks, or investment banks. These banks will offer limited services to high-net-worth individuals or corporations, particularly in the world of investment or asset management.

Classification of Banks in India

Commercial Banks can be further classified into public sector banks, private sector banks, foreign banks and Regional Rural Banks (RRB). On the other hand, cooperative banks are classified into urban and rural. Apart from these, a fairly new addition to the structure is a payments bank.

Solution: Issuing currency is not the function of commercial banks. The main function of the Reserve Bank of India is to issue currency. A commercial bank is a financial institution that carries out all the operations regarding deposits, withdrawal of money, loans, and other activities.

The correct option is accepts deposits from the public. Central banks are responsible for overseeing the monetary system for a nation, along with a wide range of other responsibilities, from overseeing monetary policy to implementing specific goals such as currency stability, low inflation, and full employment.

Transfer of funds is not a primary function of commercial banks, but rather a secondary function. The primary functions of commercial banks include creating credit, lending loans to the public, and receiving deposits from the public.

How many non commercial banks are there in India? ›

As described by RBI, there are 11 Non Scheduled State Cooperative Banks and 1500 Non-Scheduled Urban Co-operative Banks.

State Bank of India: SBI is the largest commercial bank in India. SBI stands for State Bank of India.

Public sector banks, private sector banks, and regional rural banks are the types of commercial banks.

Expert-Verified Answer. A Savings bank is not a type of bank. A bank does various functions apart from just savings. There is no particular bank known as a savings bank but there is an account called a savings account.

Licensed under the Banking Regulation Act, 1949, on July 11, 1959, the Bank went on to become a scheduled commercial bank on July 20, 1970. Want to know more?

ICICI bank is a private commercial bank, which was originally established as a bank for industrial credit and then later restructured to operate as a full-fledged commercial bank. ICICI bank is a _______. Mention one main difference between a central bank and a commercial bank.

Banks are classified into 4 broad categories – Commercial Banks, Small Finance Banks, Payment Banks and Co-operative Banks. Commercial Banks are further classified into Public sector banks and Private sector banks. There are total of 91 commercial banks operating in India.

Philippine National Bank (PNB) was incorporated on July 22, 1916 to engage in the general commercial banking business.