Define banking and explain thr function of banking
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The function of a Bank is to collect deposits from the public and lend those deposits for the development of Agriculture, Industry, Trade and Commerce. Bank pays interest at lower rates to the depositors and receives interests on loans and advances from them at higher rates.
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A Bank is a financial institution which is involved in borrowing and lending money. ... These loans and business investment are important for enabling economic growth. Main purpose of banks: Keep money safe for customers. Offer customers interest on deposits, helping to protect against money losing value against inflation.
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