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Commercial banks, savings banks, and credit unions are key players in managing financial accounts and credit lines for individuals and businesses.
Commercial banks are financial institutions that contribute to the national economy by managing accounts and credit lines for both individuals and businesses. They receive deposits, make loans, and provide various financial services. Savings banks and credit unions are also part of the financial system, offering similar services but with some structural differences.
Depository institutions like commercial banks, savings banks, and credit unions play vital roles in the economy by facilitating savings, loans, and other financial transactions for individuals and businesses. They help in the allocation of funds between savers and borrowers, contributing to economic growth and stability.
Financial intermediaries such as commercial banks, savings banks, and credit unions act as bridges between savers and borrowers, taking in deposits and lending out funds to generate income through interest rates. They provide essential services that support the functioning of the financial system.
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