NCERT Solutions for Class 12 Economics Chapter 3 Money And Banking

Money may be defined as anything which is generally accepted as a medium of exchange and at the same time acts as a measure, store of value and standard of deferred payment. Barter Exchange: It implies the direct exchange of goods for goods without the use of money.

Banking is a trade of accepting deposits and lending money. It is functioned by financial intermediaries, which executes the functions of shielding deposits and furnishing loans to the public.