Banking and Finance (Banking Questions and Answers with Fundamentals to Know)

A bank is a financial institution that accepts deposits from the public and creates credit. The Indian banking system consists of 27 public sector banks, 21 private sector banks, 49 foreign banks, 56 regional rural banks, 1,562 urban cooperative banks and 94,384 rural cooperative banks, in addition to cooperative credit institutions. As per the Reserve Bank of India (RBI), India’s banking sector is sufficiently capitalized and well-regulated.