Banking and Financial Institutions

Vocabulary terms regarding the definitions and roles of banks and various financial institutions based on the lecture notes.

Bank

A financial institution that facilitates financial transactions by collecting surplus funds from the general public and giving it to borrowers when it is required.

Financial Institution

A corporation engaged in the business of dealing and monetary transactions such as deposits, loans, and currency exchange; also known as a banking.

Bank Interest

The charge applied when a bank lends out funds that are not immediately required by the owners.

Cooperative building society

One of the specific examples of a financial institution mentioned in the text.

National savings and credit banks

Specific examples of financial institutions that engage in monetary transactions and deposits.

Commercial Bank

An example of a financial institution engaged in the business of dealing and monetary transactions.