It’s true.

A bank is a financial institution established in accordance with the law to engage in currency and credit business. It is the product of the development of the commodity currency economy to a certain stage.

Banks are one of the financial institutions. Banks are divided into types: central banks, policy banks, commercial banks, investment banks, and the World Bank. Their responsibilities are different.

Central Bank: The People's Bank of China is the central bank of our country.

Policy banks: including the Export-Import Bank of China, Agricultural Development Bank of China, and China Development Bank.

Commercial banks: including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Postal Savings Bank of China, Bank of Communications, etc.

Investment banks: including Goldman Sachs Group, Morgan Stanley, Citigroup, Wells Fargo, UBS, Societe Generale, etc.

World Bank: Used to finance countries' efforts to overcome poverty. Each institution plays a unique role in its mission of alleviating poverty and improving living standards.