The banks are the financial institutions that cover a wide range of financial services. These include liability side operations that give access to customers to open a bank account. The account holder can invest in saving schemes such as term deposits, or to apply for various short term personal loans. Then there are credit services of the bank that people use to obtain credit cards, capital financing. Bank also involves a range of corporate services for industries for foreign trade, long term asset financing, and procurement of lands and machines.
All banks operate under a banking license. The central bank of the countries issues the consent to the bank if they adhere to the banking requirement of the central bank. Some of these provisions include maintaining an asset to deposit ratio, placing security capital with the central bank, and adhering to the audit and anti-money laundering policies of the region.
