Bantering is just making fun. Often it is insult after insult, without stop. It can use any type of humor, but is used to tease a subject, usually a person or people. However, it is just playful and not actually used to hurt.
A personal example or bantering is from family get togethers. I tease my little cousins about being zombies because they play Nintendo all day when they are at my house. Everybody laughts and nobody takes offense. We're just having fun.
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