BANK Sector is defined as the financial institution which deals with money-related transactions like loans, deposits, savings, etc. It plays an important role in the economic growth as well as currency factor. The Development of any country majorly depends on the banking sector as banks maintain the competition between the currency of many developed and developing countries and their work is always attached directly with people as they store their hardcore money in their hands for saving as well as they borrow money from banks in the form of LOAN. This Scheme helps people in building HOMES & business As well as general requirements 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
This is the main feature of a bank, All banks deal with money as they are financial institutes that provide a platform for money exchanges where we can deposit or borrow money as per need.
ACCEPTANCE OF MONEY DEPOSITS
Consumer satisfaction is the prime objective of any bank, as a result, they accept money from all their customers at a certain Interest. Therefore, it is the easiest way to enhance your money without putting it at any risk.
PAYMENT AND WITHDRAWS
A person who has deposited their money in a bank can withdraw it at any instance. A customer can withdraw their money with the facilities of ATM, DRAFTS, MONEY ORDERS, CHEQUES, etc.
Nowadays, banks provide loans for various requirements like education loans, car loans, home loans, personal loans, etc. the rate of interest is different for different banks, for getting a minimum loan we can compare the interest rates of different banks to get a loan at minimum interest.
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.
All banks have multiple branches for the facility of their customers as every person is not able to go to the main branch of the Bank. So banks further grow their branches to reach every person to attract more and more customers.
In the era of modernization, BANKS are also providing better facilities as per the requirement. The bank always believes in developing facilities for the customers by developing the latest ATMs and providing services through their apps and net banking to carry out various transactions.
BUSINESS IN BANKING
Nowadays Banks do the business of money without any subsidiary business. It helps in conducting safe transactions. Their only responsibility is to satisfy their customers, this is also how banks define as they do the business of money interchanging from one hand to another through internet banking and mobile banking.
Each bank has a unique name and unique tag line but having a BANK name is common in all, which identifies the bank’s existence. people deal with different banks having different names but each bank tries to provide different interest rates and better services.
FACILITY OF ADVANCE
BANKS also Lend 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 in small installment which is known as EMIs.