What Is Banking And Write the Main Features Of Banking
Answers
Answer:
Banking is an industry that handles cash, credit, and other financial transactions. Banks provide a safe place to store extra cash and credit. They offer savings accounts, certificates of deposit, and checking accounts. ... Bank loans and credit mean families don't have to save up before going to college or buying a house.
From the views of above authorities, we can derive the following basic characteristics of Banking: (i) Dealing in money: The banks accept deposits from the public and advancing them as loans to the needy people. The deposits may be of different types current, fixed, savings, etc. accounts.
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Answer:
Banking is an industry that handles cash, credit, and other financial transactions.
The main features of banking are:
1.)It may be an Individual/Firm/Company.
2.)It is a profit and service oriented institution.
3.)It acts as a connecting link between borrowers and lenders.
4.)It deals with money.
5.)It accepts deposits from public.
6.)It provides Advances/Loans/Credit to customers.