This section contains the information and details about all banks, banking process, government policies. To know more read our knowledge base articles.
Worldwide, Credit cards habitually rule the financial news, with approximately $1 trillion in outstanding revolving credit dues at the first quarter closing of 2021 as projected by the Federal Reserve’s Study. Consumers, all over are easily accustomed to plastic money such as debit cards, credit cards and other methods of noncash expenses. These kinds of transaction create approximately $174.2 billion in transaction volume—representing $97.04 trillion in value every year.
International Financial Reporting Standard i.e., IFRS are basically a set of accounting principles that are used globally. These are issued by the inspiration of IFRS and the International Accounting Standards Board (IASB).
Some people want to save or invest money, while some people want to borrow money for various purposes. Banks are basically financial institutions that attract people to save their money by providing interest rates on their savings. Additionally, they provide loans to the people or institutions which pay them a loan at various interest rates.
We all know that banks are basically financial institutions that attract people to save their money by providing interest rates on their savings. Additionally, they provide loans to the people or institutions which pay them a loan at various interest rates. Usually, the interest rates charged by the banks are much higher than the interest rates provided by the banks to its customer for savings.
An efficient banking system is regarded as a necessary pre-condition for growth. The banking system plays an important role in promoting economic growth not only by channeling savings into investments but also by improving the allocative efficiency of resources.
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