Entities engaged in the lending of funds obtained in the form of deposits. Banks shall be classified into:
(a) Universal banks;
(b) Commercial banks;
(c) Thrift banks, composed of: (i) Savings and mortgage banks, (ii) Stock savings and loan associations, and (iii) Private development banks, as defined in Republic Act No. 7906 (“Thrift Banks Act”); (d) Rural banks, as defined in Republic Act No. 7353 (“Rural Banks Act”);
(e) Cooperative banks, as defined in Republic Act No. 6938 (“Cooperative Code”);
(f) Islamic banks as defined in Republic Act No. 6848, otherwise known as the “Charter of Al Amanah Islamic Investment Bank of the Philippines”; and
(g) Other classifications of banks as determined by the Monetary Board of the Bangko Sentral ng Pilipinas.
(R.A. 8791, also known as “The General Banking Law of 2000,” Sec. 3)
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