Banks Are Commercial Or Financial Institution Whose Main Function Is To Receive Deposits From People And Land Them For Investment Purpose People Deposit Their Access Money Savings In The Bank In Return Of Which The Bank Provides Them Interest The Men Services That Bank Provides To People Are Depositing Money In The Form Of Savings Account Or A Fixed Deposits Giving Loan Transferring Money From One Account To Other Receiving LPG Subsidy Check Payment And Withdrawal Like Purchasing Of Asset Like Car And Furniture Debit Card Credit Card Internet Banking Demit Account Etc
Definition Of Banks
A Bank Is an Institution Which Provides Service of Banking
Bank Is an Institution Authorised to Collect People Savings or Deposit with The Purpose of Landing Those Under the Condition of Returning the Same When the Depositors Demands
Bank Is a Commercial Organisation That Functions for Profit It Accepts People Saving in The Form of Deposits and Pay Interest in Written It Ensures the Safety of This Deposits Lands Money from This Deposits to People Who Need Money by Charging Them with Interest in Invest the Surplus Funds for Development of The Nation
Evolution Of Banks in Current Scenario
The Word Bank Means Mass or Heap Bank Word Has Originated from The French Word Banquet and Italian Word Bangkok Both Meaning Bench for Money Exchange
In Sanskrit the Word Similar to Bank Is Banda Which Means Collection of Capital
Traditionally The Money Lender in Europe Displayed Coins of Different Countries in Big on Benches or Tables for Landing or Exchanging Does the Word Bank Means Collection of Money the First Bank to Be Set Up in The World Was Bank of Barcelona in Spain in 1401
| Evolution of banks |
| Barters |
| Coins |
| Paper |
| digital |
Functions Of Bank
The Currency Money Immediately Came into Action with The Following Functions
1 Medium of Exchange
Money Immediately Become a Unit of Exchange for All Goods and Services
2 Measure of Value
Money Became a Common Unit of Account or Measure of Value All the Goods and Services Started to Be Valued in Terms of Money
3 Standard of Deferred Payment
People Also Started Using Money for Default Payments to Be Made in Future
4 Store of Value
Money Started Getting Stored and Exchange with Other Currency to Enhance It’s on Worth Auto Increase Once Wealth Going Forward the World Realise the Need to Maintain the Value of Money at World Level This Give Rises to Banks as Institution for Safety of Money Transfer of Money and Maintaining the Value of Money
Commercial Banks
Commercial Bank Is a Business Unit Which Provides Banking Service for Profit
According To Banking Company Act Commercial Bank Is One Which Transacts the Business of Banking That Is Accepting Deposit from People for The Purpose of Landing or Investment Ropable on Demand or Otherwise and Withdrawable by Cheque Draft and Pay Order or Otherwise
People Give Their Money To The Bank In The Form Of Savings The Bank Then Uses Deposit To Invest In Various Sector Such As Agriculture Or Industry The Bank May Even By Government Security Or Give Loan To People Who Want To Borrow Money From The Bank ,Bank Then UNS Profit In The Form Of Interest By All This Activities The Bank Keep A Part Of Interest As A Profit And Pass Away The Rest As Interest To The Depositors The Bank Land The Money At The Higher Rate Of Interest Compared To The Interest They Give On The Money Deposit In The Banks The Difference Of Interest That The Bank On Is Their Profit And Hence They Are Called Commercial Banks