Banking Functions: Navjeet Parvez Rakesh Majid Navjot
Banking Functions: Navjeet Parvez Rakesh Majid Navjot
Banking Functions: Navjeet Parvez Rakesh Majid Navjot
NAVJEET
PARVEZ
RAKESH
MAJID
NAVJOT
Definition:-
Banking has been defined as
“Accepting for the purpose of lending &
investment, of deposit of money from the public,
repayable on demand order or otherwise and
withdraw able by cheque, draft or otherwise.”
Meaning:-
Banking means transacting business
with a bank; depositing or withdrawing funds or
requesting a loan etc.
HISTORY
The development of banking is evaluation in
nature. The origin of the word bank can be
traced back to the German word ‘Banck’ and
Italian word ‘Banco’ which means heap of
money.
Banking is an old concept in India. It
was present in ancient Vedic times. There
were bankers known as ‘Sheth’, ‘Shah’,
‘Shroff’ or ‘Chettiar’ who were performing the
function of bank.
PRIMARY FUNCTIONS
The main functions of banks are accepting deposit and lending
loans:
A – accepting deposits
2. Cash credit: Under this facility, the bank allows the borrower
to withdraw cash against certain security.