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ď ˝ Bank

is a lawful organization, which accepts deposits that can be withdrawn on demand. It also lends money to individuals and business houses that need it. ď ˝ A bank is a financial institution that provides banking and other financial services to their customers.

ď ˝A

bank is generally understood as an institution which provides fundamental banking services such as accepting deposits and providing loans.

There are also non-banking institutions that provide certain banking services without meeting the legal definition of a bank. Banks are a subset of the financial services industry.

It encourages savings habit amongst people and thereby makes funds available for productive use.  It acts as an intermediary between people having surplus money and those requiring money for various business activities.  It facilitates business transactions through receipts and payments by cheques instead of currency.  It provides loans and advances to businessmen for short term and long-term purposes. 

ď ˝ It

also facilitates import-export transactions. ď ˝ It helps in national development by providing credit to farmers, small-scale industries and self-employed people as well as to large business houses which lead to balanced economic development in the country. ď ˝ It helps in raising the standard of living of people in general by providing loans for purchase of consumer durable goods, houses, automobiles, etc.

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