What Is Bank
What is bank?
Finance is the life blood of trade, commerce and industry. Now -a-days, banking sector acts as the backbone of modern business. The term bank is derived from the French word Banco which means a Bench or Money exchange table. In olden days, European money lenders or money changers used to display (show) coins of different countries in big heaps (quantity) on benches or tables for the purpose of lending or exchanging. A bank is a financial institution which deals with deposits and advances and other related services. It receives money from those who want to save in the form of deposit and it lends money to those who need it.
Definition of a Bank
Section 5(b) of the Banking Companies Act, 1949 defines banking as “accepting for the purpose of lending or investment of deposits of money received from the public, repayable on demand and withdrawal by cheque, draft, order or otherwise”.
Features of a Bank
1. Dealing in Money
2. Individual / Firm / Company
3. Acceptance of Deposit
4. Giving Advances
5. Payment and Withdrawal
6. Agency and Utility Services
7. Profit and Service Orientation
8. Ever Increasing Functions
9. Connecting Link
10. Banking Business
11. Name IdentityCHAPTER 1
Introduction
What is a Bank?
Finance is the life blood of trade, commerce and industry. Now -a-days, banking sector acts as the backbone of modern business. The term bank is derived from the French word Banco which means a Bench or Money exchange table. In olden days, European money lenders or money changers used to display (show) coins of different countries in big heaps (quantity) on benches or tables for the purpose of lending or exchaning. A bank is a financial institution which deals with deposits and advances and other related services. It receives money from those who want to save in the form of deposit and it lends money to those who need it.
Definition of a Bank
Section 5(b) of the Banking Companies Act, 1949
Finance is the life blood of trade, commerce and industry. Now -a-days, banking sector acts as the backbone of modern business. The term bank is derived from the French word Banco which means a Bench or Money exchange table. In olden days, European money lenders or money changers used to display (show) coins of different countries in big heaps (quantity) on benches or tables for the purpose of lending or exchanging. A bank is a financial institution which deals with deposits and advances and other related services. It receives money from those who want to save in the form of deposit and it lends money to those who need it.
Definition of a Bank
Section 5(b) of the Banking Companies Act, 1949 defines banking as “accepting for the purpose of lending or investment of deposits of money received from the public, repayable on demand and withdrawal by cheque, draft, order or otherwise”.
Features of a Bank
1. Dealing in Money
2. Individual / Firm / Company
3. Acceptance of Deposit
4. Giving Advances
5. Payment and Withdrawal
6. Agency and Utility Services
7. Profit and Service Orientation
8. Ever Increasing Functions
9. Connecting Link
10. Banking Business
11. Name IdentityCHAPTER 1
Introduction
What is a Bank?
Finance is the life blood of trade, commerce and industry. Now -a-days, banking sector acts as the backbone of modern business. The term bank is derived from the French word Banco which means a Bench or Money exchange table. In olden days, European money lenders or money changers used to display (show) coins of different countries in big heaps (quantity) on benches or tables for the purpose of lending or exchaning. A bank is a financial institution which deals with deposits and advances and other related services. It receives money from those who want to save in the form of deposit and it lends money to those who need it.
Definition of a Bank
Section 5(b) of the Banking Companies Act, 1949