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Money is a universally accepted medium for buying goods and services, replacing the barter system due to its inherent limitations. It serves four main functions: medium of exchange, measure of value, store of value, and standard of deferred payment. Banks play a crucial role in the economy by accepting deposits, providing loans, and offering financial services, while the Reserve Bank of India oversees the banking system and maintains economic stability.
- Author
- Mohd Akmal
- Language
- EN