Concept of Banking:
In the modern day world, banking plays an important role in the economic development of the nation by providing financial assistance. The word ‘Bank’ has been derived from an Italian word ’BANQUE’ which means to sit around the bench. Banking Assignment Help comes under the topic of Finance. The historian business was carried on two centuries ago. The goldsmiths and the money lenders are said to be ancenstored of the modern bankers. These goldsmiths and money lenders used to sit on the benches and do their business of money exchange..
The first bank of the modern time was the ‘BANK OF BARCELOMA OF SPAIN ‘which was established at the year 1401. However, the real banking started with ‘BANK OF ENGLAD ‘at the year 1694.
The bank is actually an institution which deals in money and credit. People deposit their money safe and to earn interest.
Definition of Banking:
According to Banking Regulation Act, Banking is defined as “the accepting for the purpose of leading or investment of deposit of money from the public, repayable, and demands or otherwise and with withdrawal by cheque, draft, or order or otherwise.’ Is known as banking.”
Different types of banks:
- Commercial bank – It undertakes the banking with the aim of profit. It generally extent short term loans to the business man and traders.
- Industrial bank– These generally extent long term loans to industries. In the addition, they also help industrial firms to sell their debentures.
- Agricultural bank – It helps by providing credit requirement to the farmers like requiring short term loans to buy seed ad fertilizer etc.
- Foreign Exchange Bank – This bank specializes in financial foreign trade.
Banking includes a Central Bank is the apex institution of banking network in the country .Like the central bank in India.
In India, the RESERVE BANK OF INDIA was the shareholder’s bank from 1939-1949. The Government nationalized in 1949 by paying the shareholders. It is now totally owned and controlled by the government of India and its chief managing and controlling authority is the Government.
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