Question

Define bank. Also explain the functions of commercial banks

Answer 1

Answer:

1. In other words, commercial banks are financial institutions that accept demand deposits from the general public, transfer funds from the bank to another, and earn profit. Commercial banks play a significantrole in fulfilling the short-term and medium- term financial requirements of industries.
2. Primary Functions of Commercial Banks

Accepting Deposits. Commercial banks accept deposits from people, businesses, and other entities in the form of: ...

Lending of Funds. Another important activity is lending funds to customers in the form of loans and advances, cash credit, overdraft and discounting of bills, etc.

Answer 2

Answer:

heya!!!

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.