What is Banking Domain

The Indian banking sector is widely divided into organised and unorganised.  The organised includes Reserve Bank of India, commercial banks, co-operative banks and specialised private financial institutions (Industrial Credit and Investment Corporation of India or ICICI Bank Ltd). The unorganised sector consists of private money lenders and indigenous bankers, which includes individuals and private firms who provide credit through simple documentation and charge a high rate of interest on it.

Types of banks 

Commercial banks

It provides services for businesses, organisations, and individuals, which consists of opening savings and current accounts, making deposits and giving loans. These banks operate based on profits. A commercial bank is categorised into scheduled and non-scheduled.

Scheduled commercial banks

It is included in the second schedule of the Reserve Bank of India (RBI) Act, 1934. The minimum paid capital of the scheduled banks is amounted to be INR25 Lakhs. These banks submit their activities report weekly to the RBI. 

Examples include all 14 banks nationalised in 1969 by the government such as Canara Bank, Allahabad Bank, Dena Bank, Indian Bank, etc. foreign banks like HSBC and private banks like HDFC Bank Ltd.