What is the need of banking system?
Answers
Answer:
The aim of the banking system is to provide security and confidence in the economy. If banks were allowed to go bankrupt and consumers lost savings; it would cause widespread financial panic and many consumers would withdraw their savings and hold as cash.
Answer:
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The purpose of banking is the same. Banks provide a safe haven for the savings of individuals and businesses, they support productive human endeavor and economic growth by efficiently and effectively allocating funds, and they bridge the divergent maturity needs of short-term depositors and long-term borrowers.
Explanation:
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