With development of banking institutions, various systems of banking have come into existence. Generally most of the people refer banking system to the foundation of banking institutions classified on the basis of functions namely, central bank, commercial banks, and development finance institutions and so on.
Types of Banking
There are various types of banks which operate in our country to meet the financial requirements of different categories of people engaged in agriculture, business, profession, etc. On the basis of functions, the banking institutions in India may be divided into the following types:
❏ Private Banking
❏ Home Banking
❏ Branch Banking
❏ Unit Banking
❏ Mixed Banking
❏ Chain Banking
❏ Fractional Reserve Banking
❏ Retail Banking
❏ Wholesale Banking
❏ Relationship Banking
❏ Correspondent Banking
❏ Universal Banking
❏ Social Banking
❏ Virtual Banking
❏ Narrow Banking
❏ Islamic Banking
❏ Holding Company/group banking
❏ Deposit banking
❏ Investment banking
❏ Merchant banking
❏ Shadow Banking.
