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CHAPTER - 1 [pic] INTRODUCTION | | Evolution of Bank. The contrive bank is said to have been derived from the word bancus or banque of back. The history of banking is traced to as premature as 2000 b.c. The non-Christian priest in Greece used to keep money and valuable of the nation in temples. These priests thus acted as financial agents. The early bankers, the Jews in Lombardy, used to transact their business on benches in mart places. The original meaning of bank as a moneymaking(prenominal) institution is identical with the bank of ditch where the contents argon pilled up. The imperial dictionary defines a bank as an governing body for the set custody and veers of money and also for granting loans, discounting bills and facilitating the transaction of absolution from one place to an opposite. A Bank may be defined as an institution, which purchase and sell money and transacts other financial business of the like nature. The origin of banking is also traced to early Goldsmith. They used to keep strong safes for storing money and valuable of the mint. The individual who had surplus money found it safe and convenient to deposit his valuables with them. The first pegleg in the development of banking thus was pass judgment of cash from those people who had surplus money.

Goldsmith used to phone number receipt for the money deposited with them. These receipts began to pass from cut into to hand in settlement of transactions because had confidence in the equity and solvency of Goldsmiths. The second stage I the development of banking thus was issue of bank notes. The Goldsmith soon discovered that all the people who had deposited money with them do not come to withdraw their funds in cash, they found that only a few persons charging please from the depositors began to give them interest o the money deposited with them. This was third stage of development of banking. They could keep a small proportion of the tally deposits for meeting the demand of customers for cash and the rest they... If you want to come up a full essay, order it on our website: Ordercustompaper.com

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