Section 3. Definition and Classification of Banks. —

3.1. 

"Banks" shall refer to entities engaged in the lending of funds obtained in the form of deposits. (2a)

3.2. 

Banks shall be classified into:

1. Universal banks;

2. Commercial banks;

3. Thrift banks, composed of:

   1. Savings and mortgage banks,

   2. Stock savings and loan associations, and

   3. Private development banks, as defined in Republic Act No. 7906 (hereafter the "Thrift Banks Act");

4. Rural banks, as defined in Republic Act No. 7353 (hereafter the "Rural Banks Act");

5. Cooperative banks, as defined in Republic Act No. 6938 (hereafter the "Cooperative Code");

6. Islamic banks as defined in Republic Act No. 6848, otherwise known as the "Charter of Al Amanah Islamic Investment Bank of the Philippines"; and

7. Other classifications of banks as determined by the Monetary Board of the Bangko Sentral ng Pilipinas. (6-Aa)