SSC CGL Typing Test 31

The banking sector is the backbone of the economy. Banks accept deposits and lend money to individuals and businesses. The Reserve Bank of India (RBI) is the central bank that regulates the banking system. Public sector banks, private banks, and foreign banks operate in India. Financial inclusion aims to bring the unbanked population into the formal banking system. Jan Dhan accounts have provided banking access to millions. Digital banking services like net banking and mobile apps offer convenience. ATMs allow cash withdrawal anytime. Loans are provided for housing, education, vehicles, and business. Interest rates are determined by the RBI's monetary policy. KYC (Know Your Customer) norms prevent money laundering and fraud. Non-Performing Assets (NPAs) are a challenge for the banking sector. Insolvency and Bankruptcy Code (IBC) helps resolve bad loans. Payment banks and small finance banks serve niche markets. Fintech companies are partnering with banks to offer innovative services. Cybersecurity is a top priority to protect customer funds. Banks play a crucial role in capital formation and economic growth. Priority sector lending ensures credit flow to agriculture and small industries. Demonetization promoted digital transactions. UPI has revolutionized peer-to-peer payments. Green banking promotes environmentally friendly practices. Financial literacy helps customers make informed decisions. Mergers of public sector banks aim to create stronger institutions. The banking sector is evolving with technology and changing customer needs. Trust is the foundation of the banking relationship.