Question

What is bank? Describe its functions. ?​

Answer 1

Answer:

A bank is a financial institution which performs the deposit and lending function. A bank allows a person with excess money (Saver) to deposit his money in the bank and earns an interest rate. Thus, the banks act as an intermediary between the saver and the borrower.

Answer 2

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Your required answer :

• A bank is known for money purpose.
• It have a financial function.
• It may be public or private.
• It will act as a middleman between saver and borrower.
• It also gives different types of loan at different interest rates.
• E.g. - SBI , ICICI etc

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