Banking is an industry which handles cash, credit and other financial transactions.
Banks provide a safe place to store extra cash and credit. They offer savings accounts, certificates of deposit, and checking accounts.
There are several different kinds of banks including retail banks, commercial or corporate banks, and investment banks.
Its importance as a “lifeblood” of economic activity in the collection of deposits and the provision of loans to states and individuals, households, and businesses is indisputable. Banks have a leading role in the planning and implementation of financial policies in all economic systems.
Retail banking consists of basic financial services, such as checking and savings accounts, sold to the general public via local branches
Basic Banking Services
Basic banking services include a payment account with basic features and an instrument for using the account (e.g. a debit card and online banking ID), the possibility to withdraw cash, the execution of payment transactions and an electronic means of identification.