BANKING Sector plays an important role in every country for there economic growth as well as currency factor. Majority Development for a country depends on the banking sector as banks maintain the competition between the currency of many developed and developing countries and there work is always attached directly with people as they store their hard cor money in there hands for saving as well as they borrow money from banks which are known as LOAN. This Scheme helps people building there HOMES & business As well as there general requirement like CARs, LCDs, home decoration or maintenance Etc.
BANKING Sector characteristics:-
- DEALING IN MONEY
- ACCEPTANCE OF MONEY DEPOSITS
- PAYMENT AND WITHDRAWS MONEY
- INDIVIDUAL OR COMPANIES
- VARIOUS BRANCHES
- FUNCTION INCREASING RAPIDLY
- BUSINESS IN BANKING SECTOR
- FACILITIES OF ADVANCE MONEY
DEALING IN MONEY
All banks basically deal with money as they are financial institute where we do the money exchanges we will either gave or deposit money in banks or will lend/borrow money from banks for our requirement as per we need.
ACCEPTANCE OF MONEY DEPOSITS
All banks always work for there consumer satisfaction, as a result, they accept money from all their customers in a way there they also gave an Interest on deposit with the duration passed to money in the bank. Banks deposit money from peoples & after that, the protection of money is the responsibility of banks any misfortune happens to the consumer’s money will be returned by banks to the customer within a given period of time.
PAYMENT AND WITHDRAWS
A person who has deposit their money into a bank can able to withdraw it at any time of instance. A customer can also able to easy payment & withdraw their money with the facilities of ATM, DRAFTS, MONEY ORDERS, CHEQUES etc.
INDIVIDUAL OR COMPANIES
Bank can be of any type it can be a company or firm or also a person who is involved in the business of money. This is also how banks are defined.
A bank can also have multiple branches for the facility of there customers as every person cannot be able to go to the main branch of the Bank so banks further grow there own branches so that they can reach to each n every person.
BANKS always believe in developing of facilities for the customers so that they always increase there functions for working like developing latest ATM machines for the transactions of money and also net banking by which will be able to buy & sell any item from the sitting in our comfort zone.
BUSINESS IN BANKING
BANKS do the business of money without any subsidiary business. Their only responsibility is to satisfy their customers. this is also how banks define as they do the business of money interchanging from 1 hand to other.
Each bank has a unique name but having BANK name as common in all. which identifies the bank’s existence. people deals with different banks having different names but bank word in common in all of them.
FACILITY OF ADVANCE
BANKS ALSO LED/GAVE money to the people in a form of LOAN with a minimum amount of interest. people which are not able to full fill their requirements at an instance of time which required a large amount of money at that time banks lend money to them so that they full fill their requirements and returns back in small installment which are known as EMIs.