Banks are efficient medium of exchange. …

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Banks are efficient medium of exchange. Support the statement with arguments.

Posted by Khushbu Arora 5 years, 11 months ago

CBSE > Class 10 > Social Science

1 answers

Yogita Ingle 5 years, 11 months ago

PEOPLE deposit their extra cash with banks by opening a bank account in their name.

Banks accept the deposits and also pay an amount as interest on the deposits.
People have the provision to withdraw the money as and when they require.
Demand deposits offer another interesting facility. It is this facility which lends it the essential characteristics of money.
Payments are being made by cheques instead of cash. For payment through cheque, the payer who has an account with the bank, makes out a cheque for a specific amount.

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