What is a bank? mention the characteristics of bank
Answers
Answer:
An establishment for custody of money, which it pays out on customer's order. Bank is a financial institution which deals with other people's money i.e. money given by depositors
Explanation:
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Answer:
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
characteristics:
It may be an Individual/Firm/Company.
It is a profit and service oriented institution.
It acts as a connecting link between borrowers and lenders.
It deals with money.
It accepts deposits from public.
It provides Advances/Loans/Credit to customers.
It provides payment and withdrawal facilities.