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What is the Difference Between Banking and Money Lending – Bank Interview Question

Home Forums Bank Jobs & Exams Forum What is the Difference Between Banking and Money Lending – Bank Interview Question

This topic contains 1 reply, has 2 voices, and was last updated by  Anonymous 1 year, 12 months ago.

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  • #15451 Reply

    Rajat Singh

    I had applied for ICICI Bank PO Recruitment, and I was asked to explain the difference between banking and money lending, guys though I did my best but if you can provide some more details on it, will be useful for other candidates.

    #15452 Reply

    Anonymous

    Difference Between Banking and Money Lending

    • A banking business is, however, distinct from a pure money-lending business. A money-lender usually advances his own funds.
    • A bank accepts deposits from the public, which are withdraw-able by cheques, and the funds so accumulated are lent to its needy customers against goods or securities or by discounting bills.
    • Further, the bank pays interest to its depositors, and the deposits are withdraw-able by cheques.
    • Money lenders generally do not receive deposits from public, and even if they receive such deposits, it is not obligatory on their part to pay a uniform interest rate on such deposits; and these deposits are not chequable.
    • Further, very often, when there is credit stringency, bankers may borrow from other banks or central bank to lend to their customers. Money-lenders obviously do not do so.

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