BANKING AFFAIRS

Detailed explanation-1: -Retail banking, also known as consumer banking or personal banking, is banking that provides financial services to individual consumers rather than businesses. Retail banking is a way for individual consumers to manage their money, have access to credit, and deposit their money in a secure manner.

Detailed explanation-2: -Retail customers are members of the general public. They’re taking care of their personal financial needs, unlike organizations such as governments or businesses that might need more complex services. Retail banks are designed to meet these needs. Their services are tailored to individuals.

Detailed explanation-3: -Retail banking, also known as consumer banking, refers to the services banks provide to individual customers. Common retail banking services include checking and savings accounts, mortgages, credit cards, and auto loans.

Detailed explanation-4: -Wholesale banking is the opposite of retail banking, which services individuals and small businesses. Most standard banks offer wholesale banking services in addition to traditional retail banking services.