BANKING AFFAIRS

Detailed explanation-1: -The banking industry is in a much healthier place now than it was after the financial crisis of 2008. Total global assets climbed to $154, 211 in 2022, up 3.79 percent YoY from 148, 583 in 2021, according to The Banker’s Top 1000 World Banks Ranking for 2022.

Detailed explanation-2: -Latest Trends in Banking in India From the good olden cash withdrawals at counters, to now 24X7 availability of all bank services, to Fintechs revolutionizing payments and lending, Banking has been at the forefront of change brought in by the latest technology and rapid strides taken by the Industry and the Regulators.

Detailed explanation-3: -Intelligent decisioning, open banking APIs, embedded solutions, cloud computing, metaverse banking, and cybersecurity will differentiate banks and credit unions in 2022 and beyond. Every technology deployment should make a concerted effort to improve digital consumer experiences on a big scale and in a timely manner.

Detailed explanation-4: -The purpose of banking systems is to give security and confidence to the economy. A banking system operates in line with managing the flow of money between people and businesses. The functions of a bank are mentioned below: Accepting withdrawals and deposits.