ICSE Ch-2 Banking Ex-2(A) & 2(B) Fast Revision From Selina Concise For ICSE Class 10 Math

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Chapter 2: Banking Overview for ICSE Class 10

1. Introduction to Banking:

Banking is a financial institution that provides various financial services to individuals and businesses.
Banks play a crucial role in the economy by accepting deposits and lending money.
2. Types of Banks:

Commercial Banks: These banks offer a wide range of services, including savings accounts, loans, and checking accounts. They cater to both individuals and businesses.
Cooperative Banks: Cooperative banks are owned and operated by their members, who are typically from a specific community or locality.
Central Banks: Central banks, like the Reserve Bank of India (RBI), are responsible for regulating and controlling the country's money supply and monetary policy.
3. Banking Services:

Savings Account: A basic account for individuals to deposit money and earn interest.
Current Account: Used by businesses and individuals for frequent transactions. It doesn't usually earn interest.
Fixed Deposits: A type of account where money is deposited for a specific term, and it earns a higher interest rate than savings accounts.
Loans: Banks provide various types of loans, such as personal loans, home loans, and business loans.
ATM Services: Automated Teller Machines (ATMs) allow customers to withdraw cash, check account balances, and perform other banking transactions 24/7.
4. Functions of Banks:

Accepting Deposits: Banks provide a safe place for individuals and businesses to deposit their money.
Lending Money: Banks lend money to individuals and businesses for various purposes, which includes personal loans, home loans, and working capital loans for businesses.
Payment System: Banks facilitate payments through checks, online banking, and electronic fund transfers.
Currency Exchange: Banks offer foreign exchange services for travelers and businesses engaged in international trade.
Investment Services: Some banks provide investment products such as mutual funds, fixed deposits, and insurance.
5. Role of the Reserve Bank of India (RBI):

RBI is India's central bank responsible for regulating and controlling the country's monetary policy.
It issues currency, manages the nation's foreign exchange reserves, and regulates the banking sector.
6. Banking Regulations:

Banks are subject to regulations and oversight by government authorities to ensure their stability and protect the interests of depositors.
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