1.1Meaning of Bank: -
Bank is one type of Organization, which is related with monetary activity.They collect money from one class of economy and give to the other class of economy. It means they collect deposit from people and give them to theneedy people as advances.In funny language you can say, “Banking means my mind and other peoplesmoney”In short Bank perform the function of Exchange of money.
Types of Banking Institution: -
In India, there are two part of Banking: -1Organized Department: -2Unorganized Department: -First part is latest which include Indian Joint Stock Company, ForeignExchange Bank, Co-operative Banks, Land Mortgage Banks, Postal SavingsBank, SBI and RBI.On the other hand, Second part include shrafi Firm, Shrof, etc.Today organized money market is about more then 60%
1.2Meaning of Co-operative Bank: -
A co-operative is an autonomous association of persons united voluntarily tomeet their common economic, social and cultural needs and aspirationsthrough jointly – owned and democratically controlled enterprise.