What is PSB Full Form in Banking?
The PSB full form in Banking is Public Sector Banks. Banks are typically financial institutions that accept customer deposits and use the funds to lend money to other customers or invest in securities and other financial assets. Public sector banks are an important part of India’s financial system. They are government-owned and managed entities that play an important role in encouraging economic growth and financial inclusion.
Objectives of Public Sector Banks:
The objective of public sector banks is to provide banking services to underserved and under-banked segments of society, particularly in rural and semi-urban areas. PSBs have increased their reach over time and currently provide a wide range of banking services, such as savings and current accounts, fixed deposits, loans, credit cards, and insurance.
Role of public sector banks
One of the primary advantages of PSBs is that they can offer financial services at a lower cost than private sector banks. This is owing to the government’s backing. This makes PSBs an appealing choice for people and small enterprises who might not have access to banking services otherwise. PSBs also play a crucial role in credit disbursement. PSBs have a vast network of branches and a thorough awareness of the local economy, making them well-suited to identifying and supporting new business opportunities.
