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Understanding Banking: Functions, Importance, and Modern Developments
Banking plays a crucial role in the global economic system by facilitating financial transactions, safeguarding money, and enabling economic growth. As one of the oldest financial institutions in human history, the banking sector continues to evolve with advances in technology and the growing needs of individuals, businesses, and governments.
What Is Banking?
Banking refers to the business of accepting deposits, providing loans, and offering various financial services. Banks act as intermediaries between depositors who supply funds and borrowers who need capital. This intermediation helps maintain the flow of money across the economy.
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