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Explain the following term/concept. Banking - Organisation of Commerce and Management

Definition

Explain the following term/concept.

Banking

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Solution

The term Bank comes from the French word 'Banco' which means a 'bench'. In earlier days, money-lenders used to display coins of different currencies in big heaps on benches or tables for the purpose of lending or exchanging.
A bank is a financial institution which deals with deposits and advances and other related services. Bank provides various services related to money or financial requirements of consumers.

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