Banking is an industry that 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. Banks use these deposits to make loans.

The Indian Banking Regulation Act of 1949 defines Banking as “Accepting for the purpose of. lending or investment of deposits of money from the public, repayable on demand or otherwise and with drawable by cheque, draft, order or otherwise.”