Microsloop Information Technology Recovery Executive Interview Questions and Answers

A financial institution that accepts deposits and channels the money into lending activities.

• Bank is a financial institution that provides various financial services to its customers.

• It accepts deposits from customers and uses that money to provide loans and credit to other customers.

• Banks also offer services such as checking and savings accounts, credit cards, and investment products.

• Examples of banks include JPMorgan

The function of a bank is to provide financial services to customers, including accepting deposits, lending money, and facilitating transactions.

• Accepting deposits from customers

• Lending money to customers

• Facilitating transactions between customers

• Providing financial advice and services

• Managing risk and ensuring financial stability

• Supporting economic growth and development

• Offering various types of accounts, such as savi

Current account is for frequent transactions while savings account is for saving money.

• Current account is used for business or personal transactions with high frequency.

• Savings account is used for saving money and earning interest.

• Current account usually has higher fees and charges than savings account.

• Savings account has a limit on the number of withdrawals per month.

• Examples of current account include checking accoun...read more

Banking products are financial instruments offered by banks to customers for managing their money and achieving their financial goals.

• Savings accounts

• Checking accounts

• Credit cards

• Personal loans

• Mortgages

• Certificates of deposit

• Investment accounts

• Retirement accounts

Bank history refers to the evolution of banking industry over time.

• Banking originated in ancient civilizations such as Mesopotamia, Greece, and Rome.

• Modern banking started in Italy during the Renaissance period.

• The first bank in the United States was the Bank of North America, established in 1781.

• The Federal Reserve System was created in 1913 to regulate the banking industry and stabilize the economy.

• The banking indust...read more

There are various types of deposits such as security deposit, advance deposit, and recurring deposit.

• Security deposit is paid as a guarantee against any damage or loss caused by the debtor.

• Advance deposit is paid in advance for goods or services to be received in the future.

• Recurring deposit is a type of savings account where a fixed amount is deposited at regular intervals for a fixed period of time.

• Other types of dep...read more