What is the purpose of banking?

The purpose of banking is to provide a wide range of financial services to individuals, businesses, and governments. These services include the facilitation of deposits and withdrawals, the provision of loans and credit, the execution of payment transactions, and the management of investments. By offering these services, banks help to channel funds from individuals and businesses with surplus funds to those in need of funds for various purposes. Banks also play a crucial role in promoting economic growth and stability by providing a secure and regulated environment for financial transactions.