Question

What is Banking?

Answer 1

1. Commercial banks provide institutional credit to customers, making them a significant economic institution.
2. In India, a banking corporation accepts deposits from the public for lending and investing.
3. Deposits are repayable on demand and can be withdrawn via cheque, draft, or order.
4. A bank collects deposits (repayable on demand) and lends money for profit.
5. Banks promote economic activity by facilitating money transactions.