1. Define bank.
2. What is ATM card? Write its full form.
3. Why is bank necessary?
4. What are the types of bank in Nepal?
Answers
Explanation:
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans.
An ATM card is a payment card or dedicated payment card issued by a financial institution which enables a customer to access their financial accounts.
The full form of ATM is Automated Teller Machine.
Bank is necessary because:
Bank perform a important function for society. Bank is a financial institution which is involved in borrowing and lending money. Bank take customer deposits in return for paying customers an annual interest payment. And a well functioning financial system is fundamental to a modern economy.
Types of bank :
Central bank
Commercial bank
Development bank
Answer:
Define bank.
A bank is a financial institution licensed to receive deposits and make loans. Banks may also provide financial services such as wealth management, currency exchange, and safe deposit boxes. There are several different kinds of banks including retail banks, commercial or corporate banks, and investment banks.
What is ATM card? Write its full form.
The full form of ATM is Automated teller Machine, it is an electro-mechanical machine which consists of automated banking platforms that allow clients to perform smooth transactions without the assistance of a branch representative or teller.
Why is bank necessary?
bank provides funds for business as well as personal needs of the individuals. they play a significant role in the economy of a nation. it acts as an intermediary between people having surplus money and those requiring money. it facilitates business transactions through receipts and cheques instead of currency.
What are the types of bank in Nepal?
Types of Banks in NepalCentral Bank.
Commercial Bank (Class A)
Development Bank (Class B)
Finance Companies (Class C)
Micro Credit Development Bank (Class D)