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Question
What is Banking?
Solution
- Commercial banks provide institutional credit to customers, making them a significant economic institution.
- In India, a banking corporation accepts deposits from the public for lending and investing.
- Deposits are repayable on demand and can be withdrawn via cheque, draft, or order.
- A bank collects deposits (repayable on demand) and lends money for profit.
- Banks promote economic activity by facilitating money transactions.
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RELATED QUESTIONS
Given below is a page from the passbook of a saving bank account that Mr. Sharma has with SBI. If the bank gives interest at 6%pa, find
The principal amount in January, February and March which will be considered for interest for interest calculation.
Given below is a page from the passbook of a saving bank account that Mr. Sharma has with SBI. If the bank gives interest at 6%pa, find
The interest she gets at the end of March.
| Date | Particulars | Withdrawls | Deposite | Balance |
| 05.01.08 | By cash | 15500.00 | 15500.00 | |
| 10.01.08 | To cheque | 4800.00 | 10700.00 | |
| 15.02.08 | To cheque | 5300.00 | 5400.00 | |
| 08.03.08 | By cash | 19200.00 | 24600.00 | |
| 17.03.08 | To cheque | 7400.00 | 32000.00 |
Anita opens an S.B. account in State Bank of India on August 1, 1983 with Rs. 100. She deposits Rs. 100 on the first or second day every month till and including February 1, 1984. In between she withdrawal Rs. 200 on October 17, 1983 and also on January 13, 1984. Write the entries of the passbook.
A bank is an institution which accepts _____ from the public and advances ______.
A bank is a ______ which collects money from the public in the form of deposits and lends the same to the borrowers.
