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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

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