What is banking, and what are its benefits in Russia?

Banking involves the industry and practice of offering financial services like “accepting deposits, lending money, and facilitating financial transactions.” Banks are essential in the economy as they give individuals and businesses access to crucial financial products and services, such as checking and savings accounts, loans, and investment opportunities. The banking sector in Russia, being prominent in the market, offers a wide range of financial services, investment, and banking activities in one of the world’s biggest economies.