Definition of Banking- Banking can be 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 earn a profit. However, with the passage of time, the activities covered by the banking business have widened and now various other services are also offered by banks. The banking services these days include the issuance of debit and credit cards, providing safe custody of valuable items, lockers, ATM services, and online transfer of funds across the country/world.
A bank is a financial institution licensed to receive deposits and make loans. Banks may also provide financial services such as wealth management, currency exchange, and safe deposit boxes. There are several different kinds of banks including retail banks, commercial or corporate banks, and investment banks. In most countries, banks are regulated by the national government or central bank.
Banks are a very important part of the economy because they provide vital services for both consumers and businesses. As financial services providers, they give you a safe place to store your cash.
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