BANKING Meaning and
Definition
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Banking refers to the system and activities involved in the management of finances, primarily the acceptance, safeguarding, movement, and lending of money. It encompasses a wide range of financial services provided by banks and other financial institutions. The main objective of banking is to facilitate the efficient flow of capital within an economy.
Banks act as intermediaries between individuals, businesses, and governments, enabling them to deposit and borrow money, access credit facilities, make investments, and conduct various financial transactions. These transactions typically include accepting deposits, granting loans, offering mortgages, providing credit cards, facilitating international trade and foreign exchange, and issuing letters of credit.
The core functions of banking involve receiving deposits, which are held in various types of accounts, such as savings, current, or fixed deposit accounts. Banks then utilize these funds to extend loans to borrowers, charging an interest rate on the amount borrowed. They also offer other financial services like cheque clearing, standing orders, and electronic fund transfers.
Additionally, banking institutions also play a crucial role in managing and mitigating risk by providing services such as insurance, investment management, and financial advisory services. These services assist individuals and businesses in safeguarding their assets, planning for the future, and achieving their financial goals.
Overall, banking is a vital pillar of the global financial system, contributing to economic growth, stability, and the efficient allocation of resources within an economy.
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• The business or employment of a bank.
• Of or relating to the business of banking.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Top Common Misspellings for BANKING *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for BANKING
Etymology of BANKING
The word "banking" is derived from the Old Italian word "banca", meaning a bench or counter. This term was used because in early banking practices, bankers would conduct their transactions sitting behind a bench or counter. The word "banca" can be traced back to the Germanic word "bank", which means ridge or mound. This is because, in ancient times, merchants and moneylenders in medieval Europe conducted their business on benches or tables displayed on raised mounds or hills in marketplaces. Over time, the term "bank" evolved to refer to the financial institutions and practices we recognize today.
Similar spelling words for BANKING
Conjugate verb Banking
CONDITIONAL
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bank
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