what is bank? Explain
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Explanation:
A bank is basically is a government or private firm which deals with handling and managing people money by taking their money into bank accounts, keeping them safe, handing over to its customers as per their needs. Banks also provide loans to people who are in need of that. Bank basically keep a record of every financial transaction that we carry out using banking services
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It is an institution facilitating financial transactions.
- It is a type of monetary establishment that is permitted to receive payments and provide potential loans.
- Financial services like fixed & recurring deposit schemes, wealth management, currency exchange, and lockers are generally offered.
- They are governed by the national government or central bank in most nations.
- For example: In India, the development of SBI has been visible in recent years. It is one of India's oldest financial institutions.
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