Question

What is Banking and its main features

Answer 1

heya mate

QUESTION : What is Banking and its main features

ANSWER : According to Banking Encyclopedia, Bank is a financial institution which receives deposits from the public and lends them for investment purpose i.e., deposits of money and advances of the Main function of banks, but in the era of globalization banks indulges themselves in many activities like Insurance, Mutual Fund Business and Investment in Stock Exchanges. These activities of banking are considered as Para Banking Activities.

Features of Bank

• Money Dealing
• Acceptance of Deposit
• Grant of loan and advances
• Payment and withdrawal of deposits
• Transfer of funds
• Portfolio management
• Foreign Exchange dealing.

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Answer 2

Banking can be defined as the business activity of accepting and safeguarding money owned by other individuals and entities, and then lending out this money in order to earn a profit.