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Different Types Of Banks You Should Know

If you are one who is looking to saving up some money or just trying to open a simple account, we are sure you are looking for the right bank. That will be able to meet all your banking needs and more. That’s why we thought it is wise to look at the different types of banks. That way you know where to find what you are looking for.

Types of Banking Institutions

Central Banks

The central bank is the one that manages all the other banks in a country or a series of nations. They make sure to supervise all commercial banks. They also set interest rates as well as control the flow of the currency. It also the job of the central bank to implement government monetary policy goals.

Retail Banks

Retail banks are the most used in the world. In terms of iGaming, they can be said to the online casino of banks. Some casinos offering best sports betting in Australia also use retail banks. In the sense that they can be land-based or they can be online. These banks offer general public financial products and services such as loans, credit cards and insurance.

Commercial Banks

Commercial banks are those that are focused on the business side. This, however, does not mean that they cannot help everyday customers. They do, however, their main thrust is to support growing businesses. Such that both old and new business can go to the commercial banks for loans as well opening accounts.

Shadow Banks

These are banks that operate under the radar. They do not have the same set of rules as the other banks mentioned above. Shadow banks tend to deal with credit and other kinds of assets. Some sports fans from use this bank. However, they get their funding from borrowing it, connecting investors or making their own funds. In simple terms, they do not rely on funds allocated by the central banks.

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