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 Explain different types of Banks.


 Different types of Banks are as follows :

1. Commercial Banks: Commercial Banks are institutions dealing in money. These are governed by Indian Banking Regulation Act, 1949. There are two types of commercial banks, Public sectors and private sector banks. There are 20 nationalized bank. Public sector banks like SBi; PNB, IOB etc, and other private sector banks represented by HDFC bank, ICICI Bank, Kotak Mahindra Bank and Jammu and Kashmir Bank etc.

2. Cooperative Banks: Cooperative banks are organised under the provision of State Cooperative Societies Act meant essentially for providing cheap credit to their members. It is an important source of rural credit e.g. agricultural financing in India.

3. Specialized Banks : Specialized banks are foreign exchange banks, industrial banks, development banks, export-import banks etc. catering to specific needs of these unique activities.

4. Central Bank : The Central Bank of any country supervises, controls and regulates the activities of all the commercial banks of that country. It also acts a government banker. It controls and coordinates currency and credit policies of any country. Reserve Bank of India is the central bank of our country.

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What is an order cheque ?

An order cheque is that cheque the payment of which is payable to a particular person. Here the word bearer is cancelled and the word order is written.
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What is a bearer cheque ?

A bearer cheque is that cheque whose payment can be received by the bearer of the cheque at the counter of the bank.
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What is an open cheque ?

An open cheque is that cheque which enables the holder of the cheque to get payment over the counter at the bank.
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Explain different types of services.

Different types of services are as follows:

(i) Business Services : Business services are those services which are used by business enterprises for the conduct of their activities. For example Banking, Insurance, Transportation, Warehousing and Communication.

(ii) Social Services : Social services are those services generally provided to improve people's standard of living. For example health care, education.

(iii) Personal Services : Personal services are those services which are experienced differently by different customers. For example : tourism, recreational services, restaurants.

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