BANKING AFFAIRS

Detailed explanation-1: -When there is a direct execution of transactions between a bank and its consumers, rather than with corporations or other banks, then this type of banking system is known as Retail banking.

Detailed explanation-2: -Retail banking is a way for individual consumers to manage their money, have access to credit, and deposit their money in a secure manner. Services offered by retail banks include checking and savings accounts, mortgages, personal loans, credit cards, and certificates of deposit (CDs).

Detailed explanation-3: -Retail banks provide checking and savings accounts, loans, and other services to individuals to manage their day-to-day finances. Commercial banks, however, help businesses launch, operate, and grow with services like deposit accounts, loans, lines of credit, payment services, and more.

Detailed explanation-4: -There are two types of retail banks: commercial banks and credit unions. 1) Commercial banks. These institutions offer clients a wide variety of services. Typical services include certificates of deposit (CD), savings and checking accounts, credit and debit cards, and more.

Detailed explanation-5: -The retail banking model caters to the general public, with bank branches strategically placed across a city that works with retail customers on a regular basis. Commercial banking, on the other hand, helps businesses raise funds, extend loans, and offer advice.