Banking refers to the industry involved in the management of financial transactions and services provided by banks and similar financial institutions. It encompasses the activities of accepting deposits, providing loans, facilitating payments, and offering other financial services such as wealth management, currency exchange, and investment advice. Banks play a critical role in the economy by providing the liquidity that supports personal and commercial activities, enabling consumers and businesses to invest, save, and transact. The term can also refer to the regulatory framework, practices, and systems that govern these financial services, including retail banking (dealing directly with consumers), commercial banking (serving businesses), and investment banking (focusing on capital markets and investment services). Overall, banking is a fundamental component of the financial system that supports economic growth and stability.
Taro Kitabayashi, a seasoned strategist, takes over as chairman of Norinchukin Bank amid financial challenges. The bank faces significant hidden losses from bond holdings, with a projected deficit of 2…