Question

explain the meaning of banking
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Answer 1

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Banking is directly or indirectly connected with the trade of a country and the life of each and every individual. It is an industry that manages credit, cash, and other financial transactions.

Banking is an industry that handles cash, credit, and other financial transactions.Banks use these deposits to make loans. These loans include home mortgages, business loans, and car loans. Banking is one of the key drivers of the U.S. economy.

Types of Banking

Banks are further segregated into four types.

• Commercial Bank- These banks are regulated by banking regulation act 1949. They accept the public deposit from the public for the purpose of lending or investment.
• Cooperative Bank- Cooperative Banks are undertaken by the State Cooperative Societies Act and gives cheap credit to their members. The rural population is depended on the cooperative bank for financial backup.
• Specialized Bank- This bank provides financial help to special industries and foreign trade etc. Few examples of specialized banks are foreign exchange banks, export & import banks, development banks, and export-import banks, etc.
• Central Bank- This bank manages, checks and monitors all the activities of the commercial banks of a country

Answer 2

Answer:

Banking:

Banking is defined as the business activity of accepting and safeguarding money owned by other individuals and entities, and then lending out this money in order to conduct economic activities such as making profit or simply covering operating expenses.