Universal Bank- A bank that deals with all kinds of deposits as well as withdrawals, loans, etc.
Commercial Bank- Usually profit earning and provides short term loans.
Thrift Bank- advice on how to invest carefully and in more profit earning ways.
Rural Bank- provides support to people living in rural areas, usually agriculturists, farmers, small scale idustry holders, etc.
Islamic Banks are run on the guidelines set by Islam that do not allow collection of interest, etc.
Two very broad categories: Commercial and Investment Banks. All others branch off from these.
After the Wall Street Crash of 1929, U.S. Congress passed the Glass-Steagall Act in 1933, which gave way to differentiating the Commercial bank role and Investment banks role. Both roles had merged and blurred which led
(most believe) to the Crash.
Read up about it on Wiki.
