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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 essay bank 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. 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 lengths to help you with the topic whenever you required, essay bank. After going through these Bank essay bank, your knowledge about banks, their functioning and their usefulness will enhance and you will emerge as a knowledgeable person. These essays will prove useful in your school or essay bank assignments, especially for students of commerce or banking. The banking system that involves accepting deposits and lending money initiated centuries back in various parts of the world, essay bank. The system improvised over 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 is a safe and secure way to store the money, essay bank. 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, essay bank. Providing loans, 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 the bank. Businessmen can 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, essay bank. 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 essay bank well as other parts of the world. Only the services provided and the functions carried out 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 essay bank 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 essay bank 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. 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 some essay bank in the country. The lands or other valuable assets of those who were unable to pay the amount were confiscated just as the banks do these days, essay bank. 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 essay bank the early essay bank th century. There are numerous types of banks in every country to cater to the needs of different customers. 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, essay bank, issuance of drafts and portfolio management to name a few. Here is why these institutions are of importance:. Money kept at home is not safe. 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 essay bank also grows. You have the option of withdrawing it any time you want. Banks promote trade within the country by providing loans and advances to the traders. It also eases the process of trading between different countries, essay bank.
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 the farmers at essay bank interest to promote essay bank activities. Banks thus aid in promoting the agricultural sector, essay bank. 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 easy instalments. 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.
Banks are an important part of any country. Banks play an important role in maintaining financial stability in the country, essay bank. They offer numerous services to help you manage your finances better. 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:, essay bank. 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, essay bank. 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 essay bank 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 essay bank 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 essay bank 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 essay bank functions and general utility functions.
Here is a brief essay bank at both these types of essay bank. 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.
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, time: 11:38Long and Short Essay on Bank in English for Children and Students
WebAlso find short Bank essay 10 lines. Bank Essay 10 Lines ( - Words) 1) Banks are the place where people keep their money. 2) Works related to money like loans, WebRise of Indian Nationalism – For Students and Children In English. Response of the Nationalists to the First World War – For Students and Children In English. The WebBank Essay 2 ( words) Introduction. 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
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