[Commerce Class Notes] on Banking and E-Banking Pdf for Exam

Banking is one such activity that helps keep individuals afloat in terms of Money. With the help of the many financial institutions and their services, it is very convenient for many reasons. These are helpful to cover expenses, save Money, make a profit, and much more.

What is Banking? 

Banking is essentially an activity that is opted to be performed by not only individuals but also countless entities. The Banks in a country, state, or city ensure to safeguard the Money from their various customers and then lend it out to others. This creates a balance within the economy and makes sure that one of the individuals benefits from it.

What is E-Banking?

E-Banking is Banking with the only difference being that all the transactions take place via electronic modes. With the many innovations in terms of technology, it is safe to say that this has made life pretty convenient for people. The reason is very simple. With the help of E-Banking, one can easily do several transactions at any time of the day.

Functions Of Banking

Banking plays a very crucial role in our lives. And it is due to that, that one can take advantage of a few of the functions. 

Here is a list of the functions of Banking that are made possible with the help of Banking:

• They accept the deposits from their numerous customers and help them save, pay, etc. from the various types of accounts that are available. They have to pay interest to their customers every quarter.

• They grant loans to their customers after checking their eligibility. They have to charge interest from their customers and ensure that the loan amount is paid in full in due time

• They offer their customers various types of offers which can make them use the services of the Bank even more. This way the customers also get many advantages like offers, discounts, cashback, etc after they use the Bank’s cards.