what is the importance of bank and teĺl its function
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The three main and traditional functions of commercial banks are to accept deposits, to lend and to enable customers to make payments. The first function enables customers to keep their money in a safe place. Deposits can be made into two types of bank accounts.
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Banks play an important role in the economy for offering a service for people wishing to save. Banks also play an important role in offering finance to businesses who wish to invest and expand. These loans and business investment are important for enabling economic growth.
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