Restrict upload of particular files types in FILES related list - Salesforce lightning

Sometimes we need to restrict the 'Type' of a file which end-user can upload to 'Files' related list of any salesforce record in lightning experience for example

Allow only word, pdf, images and text files
Restrict .zip, .exe files etc (any particular file format)
Here I'll be implementing and explaining:

Requirement: Account object has 'Banking' record type. User should not be able to upload '.pdf' files in 'Files' related list for banking account records.

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