"Bank acts as a business institute" justify the statement
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Answer:
Banks are a very important part of our economy. They are the center of finance. People keep money in the banks because it is a safe and secure way to store the money. In the line with this, let’s learn further what are Commercial Banks and Financial Institutions
Banks have immense monetary assets and subsequently are dominant players in all sectors of financial markets like credit, cash, securities, foreign exchange and derivatives. Commercial banks have a critical part in the general financial position of the economy as they give assets to various purposes and additionally for various durations. A rate of premium is charged by banks for the loan.
Commercial banks give loans to organizations in either cash credits, overdrafts, term loans, purchase/discounting of bills, or issue of letter of credit. Banks help enterprises by providing loans to produce goods and contribute towards industrial growth and generate employment opportunities.
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Answer:
Banks are very important part of our economy. They are the center of finance