What are the 7 types of banks?
The global financial sector encompasses diverse institutional categories tailored to serve specific economic functions, commercial enterprises, and retail consumers. The first is commercial banks, accepting public deposits and extending loans. The second is central banks, regulating national monetary policy and issuing currency. The third is investment banks, facilitating capital market underwriting and mergers. The fourth is cooperative or community banks, serving local member groups. The fifth is development banks, funding agricultural and industrial infrastructure projects. The sixth is Islamic banks, operating strictly under Sharia law principles. The seventh is savings and loan associations, focusing heavily on residential mortgage lending and local community savings.
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