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A bank is an institution that accepts deposits of money from the public withdraw-able by cheque and used for lending.

Thus, there are two essential functions which make a financial institution a bank:

(1) Acceptance of chequable deposits (of money) from the public and

(2) Lending.

The former is its unique or most distinctive function.

Three things about deposits are noteworthy:

(i) They are deposits of money and not of goods or non-money financial assets;

(ii) Deposits are accepted from the public at large and not merely from its shareholders or members;

(iii) The deposits