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 banking sector as banks maintain the competition between currency of many developed and developing countries and there work is always attached directly with people as they store there hard cor money in there hands for saving as well as they borrow money from banks which is 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 involves in following 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 deals with money as they are financial institute where we links for our moneys exchanges we will either gave or deposit money in banks or will led/barrow money from banks for our requirement as per we need.
ACCEPTANCE OF MONEY DEPOSITS
All banks always works for there consumer satisfaction as a result they accepts money from all there customers in a way there they also gave an Interest on deposited with the duration passed to money in bank. Banks deposits money from peoples & after that the protection of money is the responsibility of banks any misfortune happens to the consumers money will be returned by banks to customer within a given period of time.
PAYMENT AND WITHDRAWS
A person who has deposit there money into bank can able to withdraw it at any time of instance. A customer can also able to easy payment & withdraw there 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 an person which are involved in the business of money. This is also how banks are defined.
An bank can also have multiple branches for the facility of there customers as every person can not be able to go to the main branch of the an Bank so banks further grows 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. There only responsibility is to satisfy there 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 banks 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 minimum amount of interest. people which are not able to full fill there requirements at an instance of time which required a large amount of money at that time banks led money to them so that they full fill there requirements and returns back in small installment which are known as EMIs.