A bank is a financial institution and a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly by loaning or indirectly through capital markets. A bank links together customers that have capital deficits and customers with capital surpluses.
Banks provide different payment services, and a bank account is considered indispensable by most businesses and individuals.
The Reserve Bank of India is the main monetary authority of the country and beside that the central bank acts as the bank of the national and state governments. It formulates, implements and monitors the monetary policy as well as it has to ensure an adequate flow of credit to productive sectors.
Indian banking App provides a deatiled description of Banking system in India.
Public and private sector banks and their functions are very informative in the app.
Quiz section of the app tests your knowledge on Banking system in India.