Introduction of Bank

An institution established by law which deals with money and credit is called bank. It is an institution which deals with money by accepting various types of deposits, disbursing loan and rendering other financial services.
It is very difficult to say exactly from where and when the term bank has been derived. However the bank is assumed to be related with the Latin word “ Bancos” French word “ Banque” and Italian word “Banco” which refer to bench for keeping, lending and exchanging of money or coins in the market place by money lenders and money changers.
Chamber’s Twentieth dictionary defines “A bank is an institution for keeping, lending and exchanging etc of money.
G. Crowther says, “A banker is a dealer in debt in his own and other people’s. The bankers business is then to take the debt of other people to offer his own in exchange and thereby to credit money”
According to Dr.H.L. Hart “ a person or company carrying on the business of receiving money and collecting draft, for customers subjects to the obligation of honoring cheques drawn upon them from time to time by the customers to the extent of the amount available on their currents accounts”.