The Mughal exchange economy can be visualised as comprising twin circles of cash and credit. In the first, transactions were conducted in currency money (metallic and non-metallic) consisting of fresh imports and pre-existing stocks. In the second, payments were deferred to pre-fixed dates using credit instruments. The circles of cash and credit grew in the sixteenth and seventeenth centuries, possibly more in the latter. This paper is about a unique professional group, the ṣarrāfs, whose members engaged themselves in both these circles. They were essentially assayers and moneychangers who operated in the market or worked for a client (state, village community, members of the ruling class, merchants), or carried out both functions at the same time. The possession and handling of cash enabled them to diversify their operations, the most important being banking. As bankers, the ṣarrāfs accepted deposits on interest, gave commercial and consumption loans, and transferred money from one place or person to another through bills of exchange (hundī) and book entries (giro). The ṣarrāfs facilitated the movement of money and merchandise also by covering risks on payment of premium (inland, marine and credit insurance).