What are the different kinds of banks used in today's time?

Answer 1

"banks" is a big word -- meaning it has a lot of imprecise meanings.

globally, there are several "types" of financial services companies that serve as "banks" in some form or another.

For example, there are commercial and retail banks. Retail banks are probably what you know of as a bank -- it takes "retail" or "individual" deposits of assets (which may be cash or other valuable assets) and lends money in various forms ... home or auto or boat loans, credit cards. It may help an individual take in deposits or pay bills (think of direct deposit of paychecks or online banking to pay bills). Commercial banks perform these same assorted banking services for other companies. Some banks do both commercial and retail.

Some banks specialize in particular kinds of loans, like mortgages, investments, or custodial safe-keeping of assets; and we then call these Mortgage Banks or Investment Banks or Custodial Banks, respectively.

Some financial services companies also sell insurance, often to the people for the loans they take. Or, they may sell life insurance, annuities, and/or health insurance. In many countries these financial services companies are the banks, like ING in Holland. In the US after the Great Depression, laws were passed to limit the power and reach of many financial services firms, and Commercial, Investment, and Insurance companies were split -- in fact, barring a single firm from doing these three financial roles; although that changed in the late 90's when the law was repealed.

Banks (in the US) are also former under various "charters". There are Federal charters and State charters, which reflects on whether a bank can offer their depositor and lending services. Also, banks can be formed by the government, privately, or publicly. for example, there's the Federal Reserve Bank and GNMA (Govt National Mortgage Assn) who are government banks. And, there's private banks (investment companies) like Goldman Sachs or Morgan Stanley. And, there are public banks... where they sell their ownership, stock, publicly, like Bank of America or Wells Fargo. And, there are membership banks, called credit unions, where originally the bank pooled the deposits of its members to provide banking (lending to its members (exclusively).

Hope that helps