What is banking?

Question

What is banking?

Accepted Answer

Banking is a financial system that involves accepting deposits, lending money, and providing various financial services.

Banking involves accepting deposits from customers, which can be in the form of savings accounts, current accounts, or fixed deposits.
Banks lend money to individuals and businesses for various purposes, such as home loans, car loans, or business loans.
Banks provide financial services like issuing credit cards, facilitating international transactions, and offering investment products.
Banking also includes activities like currency exchange, safe deposit boxes, and electronic fund transfers.
Examples of banks include JPMorgan Chase, Bank of America, and Citibank.

Accepted Answer

Banking is defined as the business activity of accepting and safeguarding money owned by other individuals and entities, and then lending out this money in order to conduct economic activities such as making profit or simply covering operating expenses.

Accepted Answer

A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans.

What is banking?

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