COMMERCIAL BANKS AND THEIR FUNCTIONS

Commercial banks play a pivotal role in the financial system by providing a wide array of services that facilitate economic stability and growth. This article explores the fundamental functions of commercial banks, including accepting deposits, granting loans, and providing various financial services. Additionally, thepaper examines the role of commercial banks in economic development, their contribution to the payment system, and their impact on monetary policy. The article concludes with a discussion on the challenges faced by commercial banks in the contemporary financial landscape and the future prospects for the banking sector