What Is Banking Sector Ob?

The Banking Sector comprises of banks. These banks are actually financial institutions who act as payment agent for customers and to borrow and lend money.

Banking sector is responsible for many activities related to money - lending, receiving, transferring etc. The banks act as payment agents for current accounts. They also oversee the payment mechanism through telegraphic transfer, EFTPOS and ATM. They borrow money and also lend money. Banks issue bank notes, bank drafts and bank checks. They help the customers in safekeeping their documents and other valuables.

Banks play a key role in the economy of a country.