Paragraph on activites of bank in india.
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Bank is a financial institution that provides banking and other financial services to their customers. It is generally understood as an institution which provides fundamental banking services such as accepting deposits and providing loans. A banking system referred as a system provided by the bank which offers cash management services for customers, reporting the transactions of their accounts and portfolios, throughout the day.
The banking system in India should not only be hassle free but it should be able to meet the new challenges posed by the technology and any other external and internal factors. Before the establishment of banks, the financial activities were handled by money lenders and individuals. At that time the interest rates were very high. Again there were no security of public savings and no uniformity regarding loans.
The bulk of all money transactions today involve the transfer of bank deposits. When a depositor writes a check against his account, his bank must surrender that amount in reserves to the payee’s bank for the check to clear.