Question: Which of the following is NOT a commercial bank?
Options:
Union Bank
Regional Rural Bank
United Commercial Bank
Reserve Bank of India
The Reserve Bank of India (RBI) is the central bank of India. It is responsible for regulating the country's monetary policy, managing foreign exchange reserves, and overseeing the banking system. Unlike commercial banks, the RBI does not engage in typical banking activities like accepting deposits from the public or offering loans to individuals and businesses.
📌Other Options:
-Union Bank: This is a public sector commercial bank in India that offers various banking services to individuals and businesses.
-Regional Rural Bank (RRB): These are government-owned banks primarily focused on providing banking services to rural areas and agricultural sectors in India. They are considered scheduled commercial banks but with a specific regional focus.
-United Commercial Bank (UCO Bank): This is another public sector commercial bank in India offering a wide range of banking products and services.
• Related Terminologies:
-Commercial Bank: A financial institution that accepts deposits from the public, provides loans and credit facilities, and offers other financial services.
-Central Bank: The apex bank of a country responsible for managing the monetary policy, issuing currency, and regulating the banking system.
-Public Sector Bank: A bank in which the majority of the stake is held by the government.
-Scheduled Commercial Bank: A bank included in the Second Schedule of the Reserve Bank of India Act, 1934.