University:
California State University, Northridge
Course:
ECON 311 | Money, Banking and the Federal Reserve
Academic year:

2024
Views:

162

Pages:

2
Author:

Krishna D.

Origin of the word ‘Bank’ The word Bank is gotten from ⚫ ⚫ ⚫ ⚫ Greek - Banque French - Banke implies chest(deposits) German - Banck implies stack or hill (a gathering/assortment ofthings Italians - Banco implies gathering of cash orStock It alluded to a seat for keeping, loaning and trading of cash or coins in the commercial center by cash banks and cash transformers. Bank - Meaning A bank is a monetary foundation which manages stores and advances and other related administrations. It gets cash from the people who need to save as stores and it loans cash to the individuals who need it. It manages stores and advances and other related administrations like loaning cash to develop the economy. Banks go about as extension between individuals who save and individuals who need to acquire i.e., It gets cash from those individuals who need to save as stores and it loans cash to the people who need to get it. The cash you stored in bank won't be inactive. It will develop through revenue to your ledger they will procure revenue as a trade-off for loaning out similar cash to borrowers. This would guarantee smooth cash stream to foster our economy. Banking - Definition Chamber's 20th century Word reference characterizes a bank as, "a foundation for the keeping, loaning and trading and so on of cash". As per Banking Guideline Act, "Banking implies the tolerant to loan or venture of stores of cash from people in general, repayable on request etc. and withdrawable with a money order, draft, and a request orotherwise". Oxford Word reference characterizes a bank as "a foundation for care of cash, which it pays out on client's organization." Prof. Kent characterizes a bank as, "an association whose vital tasks are worried about the collection of the temporarily". Section5 (b) of Banking Guideline Act, 1949 (BR Act): As per BRAct. "Banking implies tolerating, to loan or venture, of stores of cash from the general population, repayable on request etc., and withdrawable with a money order, draft, and request etc." "Banking Organization "signifies any organization which executes the matter of banking in India. Company means any company as defined in of the Companies Act, 2013 and incorporates an unfamiliar organization inside the significance of that Act.