What is Financial Institution?

Financial institutions are companies primarily engaged in financial and monetary transactions like deposits, loans, investments, and currency exchange. In addition to banks, trust companies, insurance companies, brokerage firms and investment dealers, financial institutions encompass a wide range of activities within the financial sector.

Many people rely on financial institutions for transactions and investments since financial operations are a critical aspect of any economy.

In India, the Reserve Bank of India serves as the central banking authority for the smooth supervision of the banking industry. The Reserve Bank of India regulates the banking monetary policy in India.

There are four broad categories of banks: Commercial Banks, Small Finance Banks, Payment Banks, and Co-operative Banks. Commercial banks are further classified into public and private banks.

Types of Financial Institutions

Each type of financial institution offers a unique set of products and services to its clients. The services offered vary widely between types of financial institutions.

• Commercial Banks
• Investment Banks
• Insurance Companies
• Brokerage Firms

Interested in knowing more about the financial institutions in detail? Keep updated with this platform.

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