Banking refers to the industry and activities related to the management of financial transactions and services provided by institutions known as banks. This includes services such as accepting deposits, providing loans, facilitating money transfers, and offering investment products.
Banks serve as intermediaries between savers, who deposit money to earn interest, and borrowers, who seek loans to make purchases or invest. This process plays a crucial role in the economy by ensuring liquidity, enabling capital allocation, and supporting financial stability.
Banking also encompasses various types of institutions, including commercial banks, investment banks, credit unions, and savings and loans associations. These institutions may offer a range of services, including checking and savings accounts, mortgages, personal loans, credit cards, and wealth management.
The banking sector is heavily regulated to maintain trust, ensure security, and promote consumer protection within financial systems. It often operates within a framework established by government regulations and central banks, which oversee monetary policy and financial stability. Overall, banking is essential for economic growth, providing the necessary financial resources for individuals and businesses.
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