What is Bank?
Finance is the life blood of trade, commerce and industry. Development of any country mainly depends upon the banking system. Now-a-days, banking sector acts as the backbone of modern business.
The very first question that arrives in our mind that, What is Bank.
let me tell you there are numerous definitions being given to Bank. Few of these will be included here:
Definitions
1. A bank is a financial institution licensed to receive deposits and make loans. Banks may also provide financial services such as wealth management, currency exchange, and safe deposit boxes. - investopedia
2. Under English common law, a banker is defined as a person who carries on the business of banking by conducting current accounts for his customers, paying cheques drawn on him/her and also collecting cheques for his/her customers.
3. The banking industry handles finances in a country including cash and credit. Banks are the institutional bodies that accept deposits and grant credit to the entities and play a major role in maintaining the economic stature of a country. Given their importance in the economy, banks are kept under strict regulation in most of the countries. In India, the Reserve Bank of India (RBI) is the apex banking institution that regulates the monetary policy in the country.
4. An organization where people and businesses can invest or borrow money, change it to foreign money, etc., or a building where these services are offered.
Meaning of Bank
Banks are business enterprises which deal in money, financial instruments and provide financial services for a price called interest, discount, commission etc. (www.yourarticlelibrary.com). A bank is a financial institution which deals with deposits, advances and other related services. It receives money from those who want to save in the form of deposits and it lends money to those who need it.
In simple words: the Bank is place where inflows and outflows of money takes place with the aim of profit who target peoples. In previous definitions Bank meaning can be understand fully.
History: to know the history of the banks you can click any of these links:
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