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retail banking refers to the division of a bank that deals directly with retail customers. Also known as consumer banking or personal banking, retail banking is the visible face of banking to the general public, with bank branches located in abundance in most major cities. Banks that focus purely on retail clientele are relatively few, and most retail banking is conducted by separate divisions of banks, large and small, while corporate banking also known as business banking, refers to the aspect of banking that deals with corporate customers.
Retail banking involves banking solutions for individuals, firms, SMEs, etc., whereas corporate banking provides solutions to large companies for eg., some banks consider corporates as clients with turnover of Rs. 500 cr or more in India. The credit facilities provided to both the sets vary hugely. Credit facilities in retail banking include, credit cards, home equity, mortgages, small working capital limits etc. Credit facilities in corporate banking include, Trade forex limits, large equipment lending, plant set-up etc.
