what is the importance of banking system of modern medium of exchange
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Explanation:
the importance of banking system of modern medium of exchange is a medium of exchange is something that buyers will exchange with a seller when they want to purchase goods or services from the seller. While many things could be used as a medium of exchange in an economy, money is the most common and useful medium of exchange in our society
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The importance of banking system of modern medium of exchange is that banks help to create the medium of exchange. Money is accepted freely in exchange for all other goods.
Explanation:
- Banks are financial intermediaries whose liabilities of money is used as media of exchange. The banking sector plays a major role in the development of the economy.
- Banks play an important role in the economy for offering a service for people wishing to save. Banks helps to mobilize deposits and provides credit to various sectors across India
- Banks also play an important role in offering finance to businesses who wish to invest and expand.
To know more about banks
The RBI has imposed penalty on which two banks on October 25, 2017, for violating regulations issued by the regulator?
Axis Bank and Vijaya Bank
Allahabad Bank and Bank of Baroda
Yes Bank and IDFC Bank
Punjab & Sindh Bank and UCO Bank
RBL Bank and Federal Bank
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