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Commercial Banking in India
Introduction
Most people do not keep huge amounts of cash with them, as it is very unsafe and unproductive to do so. They keep only few currency notes and small coins for daily transactions. They keep part of their money with a bank; it is called a bank deposit. They make use of these bank deposits whenever they purchase a commodity of large value or make payments through cheques or debit or credit cards that have come into vogue nowadays. There are thus two types of money these days: (i) standard money—consisting of metal coins and paper currency notes; and (ii) bank money—consisting of bank deposits from which a person can withdraw money at any time he likes, either through cheques or debit/credit cards.
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