Commercial banks are the most important financial institutions for lending and borrowing money. They accept deposits from customers in various forms like demand deposits, fixed deposits, and savings accounts. They use these deposits to advance loans to businesses and individuals. Banks also provide other services like discounting bills of exchange, conducting agency services, and general services like issuing traveler's checks. In India, 14 large commercial banks were nationalized in 1969 to promote equitable development and ensure credit availability in rural and priority sectors. Nationalization led to expansion of bank branches across the country and increased deposit mobilization and lending, especially in agriculture and small businesses.

1. Commercial Banks in India Meaning of commercial banks, functions, credit creation, role in economic development Warm Welcome to my Class Prof Hastimal Sagara