A bank is a financial institution that acts as a crucial intermediary between those who have surplus funds (savers) and those who need funds (borrowers). They are the bedrock of modern economies, facilitating countless transactions and promoting economic growth.
From the largest commercial banks with branches across India, including in Surat, to smaller cooperative banks, their primary functions include:
Accepting Deposits: Providing secure places for individuals and businesses to save money in various accounts like savings, current, fixed, and recurring deposits, often offering interest in return.
Lending Money: Offering loans and advances to individuals (for homes, cars, personal needs) and businesses (for expansion, working capital), earning interest on these loans.
Facilitating Payments: Enabling seamless money transfers through checks, debit/credit cards, online banking, UPI (Unified Payments Interface), and other digital payment systems.
Other Services: Many banks also provide foreign exchange services, wealth management, insurance products, safe deposit lockers, and investment advice.
Banks operate under strict regulations, typically overseen by a central bank (like the Reserve Bank of India), to ensure financial stability, protect depositors’ interests, and prevent illicit activities.
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