Give the meaning and definition of Bank.
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“Bank is an institution which borrows and lends money.” A bank receives deposits from those who want it to be kept safely and also earn some interest. In other words, it borrows money. It also lends money to merchants or manufacturers. Thus borrowing and lending of money are its two essential functions.
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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. ... In most countries, banks are regulated by the national government or central bank.
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