During the Bank essay Depression, Franklin D. They provide locker facilities, safe deposits, ATM Services, Fixed Deposits, money transfer, loan for business and houses and several other monetary services to their customers, bank essay. Related Posts. Fixed Deposits: In a fixed deposit a considerable big amount is deposited in the account for a fixed period of time. Don't know where to start? In The Protestant Ethic and the Spirit of Capitalism, Max Weber posits that the most productive use of money is made by investing it to bank essay an impetus to nascent capitalism instead of wasting it on luxuries and self-gratification.
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Banks are financial institutions that deal in monetary transactions. Banks form an integral part of any society. There are numerous banks located in different parts of our country. While earlier there were limited number of banks with a few branches in big cities and towns in India, a number of new banks have opened in the last few decades with branches in every nook and corner of the country, bank essay. They provide locker facilities, safe deposits, ATM Services, Fixed Deposits, money transfer, loan for business and houses and several other monetary services to their customers. Here are essay on Bank in English of varied bank essay to help you with the topic whenever you required. After going through these Bank essay, your knowledge about banks, their bank essay and their usefulness will enhance and you will emerge as a bank essay person.
These essays will prove useful in your school or college assignments, bank essay, especially for students of commerce or banking, bank essay. The banking system that involves accepting deposits and lending money initiated centuries back in various bank essay of the world. The system improvised bank essay the time and the banks these days offer various other facilities in addition to the basic depositing and lending of money. People are encouraged to keep their money in the banks because it bank essay a safe and secure way to store the money. The money stored in the bank in the form of fixed deposits and recurring deposits also fetches a good amount of interest. In addition to money, one can also keep jewellery and important papers in the bank lockers.
Providing loans, bank essay, which is another primary function of the banks, is also beneficial for individuals and businesses in many ways. Salaried people can build their assets such as property, car, etc easily with the help of loans from bank essay bank. Businessmen bank essay expand their businesses with this facility. A number of other services are also provided to the businessmen to ease their financial transactions and aid in the growth of their business. Online Banking has further enhanced the process of banking. All the customers require doing is opting for internet banking service. Banking system has been in place since centuries.
The system has been prevalent in India as well as other parts of the world. Only the services provided and the functions carried bank essay have enhanced over the time. Banking service began back in the 14 th century in some parts of Renaissance Italy. It was initiated on the lines of the concept of lending and borrowing that took place among people since the ancient era. In the ancient times, the merchants gave grain loans to the traders and farmers. This was called the barter system. Over the time the system evolved to accepting deposits and lending money. The Fuggers, the Medicis, the Berenbergs, the Rothschilds are among some of the banking dynasties that are known to play a central role in the history of banking.
They dominated this sector for centuries. Modern banking services such as issuance of banknotes and reserve banking started in the 17 th century. Bank of England and The Royal Bank of Scotland are some of the oldest banks in the world. In India, the banking system dates back to the Vedic civilization, bank essay. Loans deeds in that period were known by the name rnalekhya or rnapatra. Big businessmen and landlords gave money to the small traders and farmers on interest in the earlier times. This culture is still prevalent in bank essay villages in the country.
The lands or other valuable assets of those who bank essay unable to pay the amount were confiscated just as the banks do these days. The first bank established in India was the Bank of Hindustan. It was opened in the year in Calcutta. Bank of Bombay, Bank of Calcutta and Bank of Madras were set up later in the early 19 th century. There are numerous types of banks in every country to cater to the needs of different customers, bank essay. A bank is an institution that accepts money deposits from the public and provides funds on credit to individuals as well as firms. These are the primary functions of a bank but not the only functions.
They provide various other services to its customers such as locker facility, transfer of funds, issuance of drafts and portfolio management to name a few, bank essay. Here is why these institutions are of importance:. Money kept at home is not safe, bank essay. It is prone to burglary. You do not have to worry about its security. Banks offer various schemes from time to time to encourage saving habits in people. The money put in the bank is not only saved but also grows. You have the option of withdrawing it any time you want. Banks promote trade within the country by providing loans bank essay advances to the traders. It also eases the process of trading between different countries. They provide easy money transaction options to smoothen the process.
It is easy to send and receive funds from anywhere with the advancement in the banking system. Agricultural sector is an important part of the economy. There are special banks that provide loans to bank essay farmers bank essay low interest to promote agricultural activities, bank essay. Banks thus aid in promoting the agricultural sector. Banks accept deposits from individuals and businesses and provide loads to the industries. They thus aid in the development of various industries in this way. The loan can be repaid in bank essay instalments, bank essay. Banks provide loans for the growth and development of the agricultural and industrial sectors. As these sectors expand, a number of employment opportunities are created for the public, bank essay.
Banks are an important part of any country. Banks bank essay an important role in maintaining financial stability in the country. They offer numerous services to help you manage bank essay finances better. These institutions thus form a vital part of any society. The bank essay of banks have broadly been classified into two categories. These are the primary functions and the secondary functions. Here is a look at these in detail:. Primary functions are the main functions of the banks. These include accepting deposits and providing loans.
Here is a brief look at these functions:, bank essay. Saving Deposits: These deposits encourage public to save money. The money can easily be withdrawn and deposited in the saving account without much restriction, bank essay. The interest rate here is however quite low. Current Deposits: This account is especially for the businessmen. These accounts offer facilities such as overdraft that are beneficial for the businesses. No interest is paid in this account. Fixed Deposits: In a bank essay deposit a considerable big amount is deposited in the account for a fixed period of time. The rate of interest is high in such deposits, bank essay. Recurring Deposits: A certain amount is deposited at bank essay intervals in such an account.
The rate of interest is high. However, the amount cannot be withdrawn before a certain period. Loans: Loans are offered for both short term and long term period. The rate of interest charged on the same varies based on the type and duration of loan. It can be repaid in instalments, bank essay. Cash Credits: The customers have the facility to take cash credit up to a certain amount which is fixed in advanced, bank essay. A separate cash credit account needs to be maintained for this. Overdraft: This facility is for businessmen, bank essay. It is thus provided to the current account holders. They do not require maintaining a separate account to avail this facility. Secondary functions, also known as non-banking functions, are of two types.
These are agency bank essay and general utility functions. Here is a brief look at both these types of functions:. The bank also acts as an agent for its customers. A number of agency functions are performed by this institution. These include collection of cheques, periodic payments, portfolio management, periodic collections and transfer of funds, bank essay. Banks also act as executors, administrators, advisors and trustees for their customers. They help their customers deal with other institutions.
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These institutions thus form a vital part of any society. The functions of banks have broadly been classified into two categories. These are the primary functions and the secondary functions. Here is a look at these in detail:. Primary functions are the main functions of the banks. These include accepting deposits and providing loans. Here is a brief look at these functions:. Saving Deposits: These deposits encourage public to save money. The money can easily be withdrawn and deposited in the saving account without much restriction.
The interest rate here is however quite low. Current Deposits: This account is especially for the businessmen. These accounts offer facilities such as overdraft that are beneficial for the businesses. No interest is paid in this account. Fixed Deposits: In a fixed deposit a considerable big amount is deposited in the account for a fixed period of time. The rate of interest is high in such deposits. Recurring Deposits: A certain amount is deposited at regular intervals in such an account. The rate of interest is high. However, the amount cannot be withdrawn before a certain period.
Loans: Loans are offered for both short term and long term period. The rate of interest charged on the same varies based on the type and duration of loan. It can be repaid in instalments. Cash Credits: The customers have the facility to take cash credit up to a certain amount which is fixed in advanced. A separate cash credit account needs to be maintained for this. Overdraft: This facility is for businessmen. It is thus provided to the current account holders. They do not require maintaining a separate account to avail this facility.
Secondary functions, also known as non-banking functions, are of two types. These are agency functions and general utility functions. Here is a brief look at both these types of functions:. The bank also acts as an agent for its customers. A number of agency functions are performed by this institution. These include collection of cheques, periodic payments, portfolio management, periodic collections and transfer of funds. Banks also act as executors, administrators, advisors and trustees for their customers. They help their customers deal with other institutions.
Banks also perform general utility functions that include providing locker facility, underwriting of shares, dealing in foreign exchange, issuance of drafts and letter of credits, drafting project reports, undertaking social welfare programmes such as public welfare campaigns and adult literacy programmes. While initially the functions of banks only included accepting deposits and providing loans; they have started providing various other services now. All these facilities are aimed at helping the customers with their finances.
Banks are financial institutions that lend money and accept deposits from general public. Banks maintain the flow of money in the country and are important for its economic growth. There are different types of banks that offer different kinds of services to individuals as well as businesses. Also known by the name, Central or Federal bank, these banks manage the financial system of the government. These non-profit making institutes serve as bankers to the other banks. There is one Central bank in every country. They do not deal with the general public. These are the most common types of banks.
These are mainly set up to focus on the requirements of the general public. They open your savings account, provide credit cards, give loans and provide locker facility among other services. These are especially established to inculcate the habit of saving money among the people. The deposits from the customers are turned into securities and bonds in these banks. These were set up way back in the 18 th century in European countries. Besides, accepting deposits from individuals these banks offer various other services too. The main aim of these banks is to aid the business class. They provide loans to the businessmen and also provide other services that are useful for the business men.
Some of these services include bill of exchange, overdraft and cheque collection. These banks are also set up to aid the businesses. These banks help the businessmen establish a foothold in the financial markets. Investment banks facilitate those businessmen who require selling debt to the investors or want to go public with their business. Also known as agricultural banks or Land Development banks, these are mainly set up to aid the agricultural sector by financing it. These banks also play an important part in land development. The reason why this special category of banks has come into being is that there is a lot of risk in financing the agricultural sector and the commercial banks that support other businesses are not ready to take such risk. Co-operative banks provide loans to small-scale farmers, small-scale businesses and salaried people.
They provide both commercial and retail services to people. These banks are registered under Co-operative Societies Act, These banks have exclusively been set up to provide loan for purchasing durable consumer goods such as car, washing machine, refrigerator, furniture, etc. These banks give their consumers the leverage to repay loans in easy instalments. These are mostly found in first world countries. Also known by the name Development Banks, these banks are established to aid the industrial sector. These banks accept cash by issuing shares and debentures.
They provide long-term loan to the industries to help them expand and develop. Many such banks have been established in the country post independence. These banks are particularly engaged in financing foreign trade. Some of the main functions of these banks include discounting foreign bills, purchasing and selling silver and gold and providing assistance in carrying out export and import trade. Banks are established to ease the financial issues of the general public as well as the country as a whole. Different types of banks serve different purposes and have been set up to cater to the needs of various classes. Shailja is one of those who is lucky to have turned her passion into her profession.
A post graduate in English Literature, writing comes naturally to her and she is doing what she does best - writing and editing. The banking sector plays an important role in the economic growth of a nation. Given that […]. The World Bank is an international organization dedicated to giving developing nations financial advice and research to help their economic advancement. Just like many other organizations, […]. This paper will examine how the bank of the Medici family made its way to becoming the most influential and wealthiest financial institution within the Italian Renaissance. In order to comprehensively do so, the writer will first analyze what conditions of the Italian Renaissance allowed such an event to occur and how those conditions were […].
Andrew Jackson was a Democratic-Republican who served as the 7th president of the United States. He showed great military strength and leadership skills throughout his lifetime, fighting against the Creeks during the War of and winning the election of against John Quincy Adams. Throughout his presidency, Jackson made decisions that had both positive […]. The great depression was, and still is to this day, one of the worst economic disasters to affect the world in all of history. The great depression was caused by a few things. One of the leading reasons that led to the great depression was the stock market crash of The stock market crash […]. The Great Depression was a severe worldwide economic depression starting in ending in The Great Depression started with numerous types of things.
During the s. America went through one of the worst economic declines in world history, The Great Depression. Many believe it was sole because of the stock market crash, however other factors played a huge role in causing the Great Depression to occur. Bank failures, the Smoot-Hawley Tariff in the s, and weather conditions from […]. President Andrew Jackson is seen by many as a supervillain who was a bad president and role model in many different ways. President Andrew Jackson paid off all national […].
Abstract This paper discusses the causes of the Great Depression and the lasting impacts it had on the U. Many people attribute the sole cause of the Great of Depression to the stock market crash of but there are actually multiple contributing factor. The stock market crash propelled the Great Depression forward but many […]. Andrew Jackson was born in the Waxhaws region on the border of North and South Carolina in The precise area of his birth is unsure. He was a lawyer and a Landowner and after defeating the British during the War of , he became a national war hero and he was elected as the […].
Andrew Jackson, the seventh president of the United States, erupts many arguments concerning the actions he took during his presidency. Where some see him as an icon and a hero, the truth is that Jackson was not only a murderer but, he was a corrupt, inexcusable man that should not have ruled the nation. He […]. The real reason the housing market crashed in stems from the fact that President Clinton and his Department of Housing and Urban Development signed off on over executive orders pressuring banks to qualify credit for individuals in high-risk communities, which was collectively called the Community Reinvestment Act. The CRA directly led to over […].
Perhaps the biggest controversy Andrew faced was when he signed the Indian Removal Act. This forced five Native American Indian tribes to be moved so that America could use the land. At the time, his actions in […]. During the Great Depression, Franklin D. The crash affected millions of people and lasted for about a decade. United States was in […]. Andrew Jackson was the first president that came from a Western state. He was born in along the border of the Carolinas. Jackson and his brothers joined […]. Like every person, he did some bad and good things in his life. To figure out if he was a good or bad president, we have to check all he did as president and how it helped or hurt the country and […]. Most Indian families dream of sending their children abroad to study- either for their undergraduate or postgraduate studies.
It is an exciting prospect and always has been. However, this puts a huge financial burden on the family. In India, when we think of education loans, we are immediately faced with the prospect of significant debts […]. Most technology experts agree, however, that blockchain will transform many of the ways we do business.
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