Hayat Ashraf

The banking system plays a crucial role in the Indian economy by facilitating the mobilization of savings, allocation of credit, and supporting economic growth. It comprises various types of banks that provide financial services to individuals, businesses, and the government. Here's an overview of the banking system in the Indian economy: 1. Scheduled Commercial Banks:    a. Public Sector Banks (PSBs): These are banks where the majority ownership is with the government. PSBs play a vital role in providing banking services across the country, especially in rural and semi-urban areas. Examples include State Bank of India (SBI), Punjab National Bank (PNB), and Bank of Baroda (BOB).    b. Private Sector Banks: Private sector banks are owned and managed by private entities. They include both Indian and foreign banks. Examples of private sector banks in India are ICICI Bank, HDFC Bank, Axis Bank, and Kotak Mahindra Bank.    c. Foreign Banks: Foreign banks operate...