According to Kinley, “Bank is an establishment which makes to individuals such advances of money or other means of payment as may be required and safely made and to which individuals entrust money or means of payment when not required by them for use.”. blogger.comted Reading Time: 7 mins The World Bank Essay. The World Bank Essay. Words13 Pages. The World Bank. Bureaucracy is one of the pillars of modern western society. Although this statement is debatable from many aspects, most would agree that, at the very least, our lives are greatly affected by bureaucracy. Bureaucracy is the 'pure form of rational organization' (Newson, Jan 11) The Essay Topics of the first nature are tradition-based such as ‘The problems of Unemployment in the country’, ‘Population Explosion’, ‘Dowry System’, ‘The scopes of Banking Industry in India’, ‘The Role of RBI, NABARD, SEBI’, ‘Problems of Farmers’, ‘The Rural Economy’, ‘The vagary of the Indian Monsoon’ and so on and so blogger.comted Reading Time: 7 mins
Long and Short Essay on Bank in English for Children and Students
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.
They provide locker facilities, safe deposits, ATM Services, bank essay, 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. After going through these Bank essay, 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 college assignments, especially for students of commerce or banking. The banking system that involves accepting deposits bank essay lending money initiated centuries back in various parts of the world. 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 bank essay in the banks because it is 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 bank essay keep jewellery and important papers in the bank lockers. 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, bank essay, car, etc easily with the help of loans from the bank, bank essay. Businessmen can expand their businesses with this facility. A number of other services are also provided to the businessmen to bank essay their financial transactions and aid in the growth of their business, bank essay. Online Banking has further enhanced the process of banking. All the customers require doing is opting for internet banking service, bank essay.
Banking system has been bank essay place since centuries. The system has been prevalent in India as well as other parts bank essay the world, bank essay.
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 bank essay 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, bank essay.
In India, the banking system dates back to the Vedic civilization. Loans deeds in that period were known by the name rnalekhya or bank essay. Big businessmen and landlords gave money to the small traders bank essay farmers on interest in the earlier times. This culture is still prevalent in some villages in the bank essay. The lands or other valuable assets of those who were unable to pay the amount were confiscated just as the banks do these days, bank essay.
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. 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.
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 bank essay. 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 bank essay 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.
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, bank essay.
Agricultural sector is an important part of the economy. There are special banks that provide loans to the farmers at low interest to promote agricultural activities.
Banks thus aid in promoting the agricultural sector. Banks accept deposits from bank essay and businesses and provide loads to the industries, bank essay. They thus aid in the development of various bank essay in this way. The loan can be repaid in easy instalments. Banks provide loans for the growth and development bank essay the agricultural and industrial sectors. As these sectors expand, a number of employment opportunities are created for bank essay public.
Banks are an important part of any country. Banks play an important role in maintaining financial stability in the country. 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:. 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, bank essay. 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, bank essay. 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 bank essay 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, bank essay amount cannot be withdrawn before a certain period, bank essay. 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. Bank essay 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 bank essay be maintained for this. Overdraft: This facility is for businessmen. It is thus provided to the current account holders, bank essay. 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. Bank essay 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, bank essay, 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.
Short Essay on bank in English
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According to Kinley, “Bank is an establishment which makes to individuals such advances of money or other means of payment as may be required and safely made and to which individuals entrust money or means of payment when not required by them for use.”. blogger.comted Reading Time: 7 mins Essay on Banking. Introduction A bank refers to a financial institution that accepts deposits and channels the money into lending activities (Lewis, ). Ethics refers to the principles of right and wrong that are accepted by an individual or a social group ((Lewis, ).) Conceptually, ethics refers to well base standards of right and wrong that prescribe what humans ought to do, usually in terms of rights, The World Bank Essay. The World Bank Essay. Words13 Pages. The World Bank. Bureaucracy is one of the pillars of modern western society. Although this statement is debatable from many aspects, most would agree that, at the very least, our lives are greatly affected by bureaucracy. Bureaucracy is the 'pure form of rational organization' (Newson, Jan 11)
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