Bank is an institution which deals in money and credit. It accepts deposits from the public and grants loans and advances to those who are in need of funds for various purposes. Banks encourage saving habits among individuals and thereby make funds available for their use as and when require. Banks also help in the nation's development by providing credit to farmers, small scale industries and self employed people as well as to large business houses which lead to balanced economic development of the country.
Definition: -"Bank is an establishment for custody of money, which it pays out on customer's order." (Oxford Dictionary)
Concept: Types of Business Services
Is there an error in this question or solution?