MEANING OF BANK

.,

The capacity
of business keeping money and use of the basic standards of the contributor
bank relationship have remained basically the same since around 500 B.C. Bank
operation techniques and strategies, then again, have experienced a steady
procedure of advancement as a result of monetary development, the mounting
volume of exchanges and more noteworthy utilization of keeping money offices. ,

 

Because of these
contributing components strategies and practices important to deal with the expanded volume
of detail work have been created while another and snappier techniques have
been embraced so as to adapt to the expanded volume much of which has been
expert without unduly expanding the cost of working together.

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Amid the most
recent twenty years we have encountered a steady progress from the old to the
new from manual to mechanical strategies and systems from old built up
practices to current procedures and to a more logical way to deal with the
arrangement of issues realized by everyday changes in business hones.

 

Our Banking System Today

The Banking
Business as we probably am aware it today is made out of three independent and
particular foremost capacities.

 

1-         The securing of assets to contribute
and advance.

2-         The putting of such finances in
advances and bonds.

3-         The overhauling of such supports, for
example, giving of checking/sparing offices, and the accumulation of draft,
notes and checks.

These
capacities, while varying in detail of operation, take after similar standards
built up several years pass by cash loan specialists and exchangers.

 

Bank Definition

 

“Banks
are foundation that appreciates people in general cash doing nothing for the
general population”.

Concurring the
managing an account law 1962 sec (6),

“Banks
mean the acknowledgment of store for the reason the loaning or the speculation
of store of cash from people in general repayable on request or generally pull
back capable by checks, drafts, orders, and something else”

 

 

 

 

 

Banker

Broker incorporates an assortment of people whether
consolidated or not who bear on business of saving money.           

 

Customer

Client is
characterized as one who has account with the bank. The word client connotes a
relationship in which term isn’t of the quintessence. A man whose cash has been
acknowledged by the Bank on the balance that they embrace to respect looks up
to the sum remaining to this credit is a client of the Bank in the feeling of
the statute, independent of whether his association is of short or long
standing. All the city branches accounts are mechanized.

 

 

Types of banks

Today the
principal banking and financial facilities available to serve commercial are
provided, and made available to them through five types of banks.

1.         Commercial Banks

2.         Trust companies

3.         Saving Banks

4.         Saving and Loans association

5.         Finance companies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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