Joint stock banks are banks that are owned by shareholders, who provide capital to the bank in exchange for a share of ownership. The shareholders then receive a portion of the profits earned by the bank.
Commercial banks are examples of joint stock banks. They are the most common type of bank and offer a range of services to individuals and businesses, including deposits, loans, and credit cards.
Co-operative credit societies are not joint stock banks because they are owned by their members, who are also their customers. Members pool their resources to provide loans and other financial services to each other.
Central banks, on the other hand, are not joint stock banks either because they are owned by the government and operate as the bank of the government. They are responsible for regulating the money supply, setting interest rates, and ensuring the stability of the financial system.
Development banks are also not joint stock banks because they are owned by the government or other public institutions and are focused on providing long-term financing for projects that promote economic development.
In summary, joint stock banks are commercial banks that are owned by shareholders, who receive a portion of the profits earned by the bank. Co-operative credit societies, central banks, and development banks are not joint stock banks because they are owned by different entities and have different objectives.