What is BFS Full Form in Banking?
The BFS full form in Banking is Banking and Financial Services. This term encompasses a range of services provided by banks and other financial institutions, such as corporate banking, retail banking, investment banking, wealth management, etc. It encompasses services offered to individual customers, such as savings and checking accounts, mortgages, personal loans, and credit cards. It also encompasses services that are tailored for businesses, such as cash management, business loans, finance and merchant services, etc.
What is the Banking and Financial Sector?
The banking and financial services sector offers financial services to both individuals and businesses. This sector of the economy includes a wide range of financial institutions such as banks, investment businesses, lenders, finance companies, real estate agents, and insurance providers. The companies in the banking and financial sector manage money and facilitate the movement of funds between the savers and the issuers of financial securities and other instruments.
Significance of the Banking and Financial Sector:
The Banking and the Financial Services sector plays a major role in the economic stability and growth of the country. They mobilize savings from the individual and the businesses, thus channeling them into productive investments that are mandatory for economic growth. They offer the required credit for the businesses to help them expand, thus enhancing the overall economic activity.
- The BFS full form in Banking is Board for Financial Supervision.
