‭ anks are financial institutions that play a crucial role in the modern economy.

Their primary‬
B
‭functions include accepting deposits, providing loans, and facilitating financial transactions.‬

‭ ommercial banks are the most common type of bank, accepting deposits from the public and‬
C
‭using those funds to make loans to individuals and businesses.‬

‭ hey earn a profit from the difference between the interest they pay on deposits and the‬
T
‭interest they charge on loans.‬

‭ entral banks, on the other hand, are public-sector institutions that regulate the money supply‬
C
‭and oversee the banking system. They deal mainly with national governments, commercial‬
‭banks, and other central banks.‬

‭Central banks issue currency and are responsible for setting monetary policies to maintain‬
‭ conomic stability.‬
e

I‭n addition to commercial and central banks, there are other types of financial institutions that‬
‭perform banking-like functions, such as savings and loan associations, credit unions, and‬
‭investment banks.‬

‭These institutions may focus on specific services like mortgage lending or investment‬
‭ anagement rather than the full range of banking activities.‬
m
‭Overall, the banking system is essential for facilitating the flow of money and credit in the‬
‭economy, enabling individuals and businesses to save, borrow, and make payments.‬

‭Banks play a crucial role in supporting economic growth and development.‬