Banking

Banking refers to the financial services industry that involves the management of money, financial transactions, and the provision of various financial products. It encompasses a range of activities including accepting deposits, providing loans, facilitating payments, and offering investment services. Banking institutions, such as commercial banks, savings banks, and credit unions, serve as intermediaries between depositors who supply capital and borrowers who seek funds. The primary functions of banking include safeguarding deposits, lending money to individuals and businesses, and providing payment services through checks, debit cards, and electronic transfers. Banking is integral to the economy, as it supports financial stability, economic growth, and the efficient allocation of resources. Various regulations govern the banking sector to ensure compliance, protect consumers, and maintain systemic stability.