Banking Services — Flashcards

Answer

A bank is a lawful organization that accepts deposits that can be withdrawn on demand. It also lends money to individuals and business houses that need it. A bank is also a financial institution that …

Answer

People keep money in banks because banks provide safety of deposits and allow withdrawal whenever needed. Money kept at home can be lost by theft, robbery, or other accidents, and it does not earn int…

Answer

Banking is the activity of accepting deposits, lending or investing money, and providing financial services. It supports trade and business by making money available when needed and by helping in paym…

Answer

Banks give two assurances to depositors: safety of deposits and withdrawal of deposits whenever needed. These assurances build public confidence in banks.

Answer

Banks are organised institutions, while moneylenders are individuals. Banks accept deposits and then lend money, but moneylenders usually lend from their own private wealth and do not accept deposits.

Answer

Banking encourages saving, acts as an intermediary between people with surplus money and those who need money, and helps business by making payments through cheques instead of cash. It also gives loan…

Answer

The main types of banks are Central Bank, Commercial Banks, Development Banks, Co-operative Banks, and Specialised Banks. Each type serves a different financial need in the economy.

Answer

The Reserve Bank of India is the Central Bank of India. It guides and regulates the banking system, acts as the Government's banker and banker's bank, does not deal with the general public, and is the…