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Money and credit Class 10 economic notes,Quick revision ,notes,cbse,state board

 Money and credit

Class 10 economic notes

   Quick revision notes





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Important Terms

Money: It means anything chosen by common consent as a medium of exchange.

Credit: It refers to the activity of borrowing and lending money between two parties.

Financial System: A system which deals with the management of public money collected from tax.
.
Banking: The activity of deposit, withdrawal of money and other related monetary activities.

Credit Money: The money whose money value is greater than the commodity value of the material from which the money is made is known as credit money.

Standard Money: The legal money, in which the government discharges its obligations is known as standard money.

Points to Remember

✿Bank is an institution which accepts deposits from public for the purpose of lending and investment.

✿Indian monetary system is the system of managing demand and supply of money by the reserve bank of india is known as indian monetary system

✿Reserve bank of india is the central bank of india which controls the monetary policy of the economy. It was established as shareholder bank.

✿Automated teller machines is a free standing self-service terminal performing 60% of tellers job quickly and at lesser cost.

✿Crossing of the cheque is drawing two parallel lines on the left side on top of a cheque is called crossing of the cheque.

✿Cash reserve ratio is minimum cash which a commercial bank needs to keep with itself as per the regulation of RBI.

✿Formal institutions are the institutions which are regulated by rules and regulations laid down by the government/RBI.

✿Informal institutions are self managed and they are out of the reach of rbi regulations due to their unorganised structure and way of working

✿Local moneylenders are informal institutions who lend money on the basis of nearness of the local population.



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