The experts on banking dependent plain guide keep offered dissimilar definitions. With all the grammatical variations together with synonyms, close all the definitions emphasize the twin aspects, viz, accepting the deposits together with lending for diverse purposes. Let us evidence these definitions.
According to Kinley “Bank is an establishment which makes to individuals such advance of coin every bit may last required together with safely made together with to which individuals entrust coin when non required yesteryear them for use“.
According to H L Hart “A banker is ane who inward the ordinary cast of his business, receives money, which he pays yesteryear honoring cheques of persons from whom or on whose accounts he receives it“.
According to Crowther “The banker’s line organisation is, then, to bring debts of other people, to offering his ain inward telephone commutation together with at that spot yesteryear to create money“.
In the Banking Regulation Act of 1949, Banking is defined every bit “Accepting for the role of lending or investment of deposits of coin from Earth repayable on need otherwise together with withdrawable yesteryear cheque, draft, companionship or otherwise“.
The OXFORD dictionary defines Bank every bit “financial” establishment, which uses money, deposited yesteryear acquired, brand loans at interest, telephone commutation currency etc.
According to SAYERS “Bank is an establishment whose debts are widely accepted inward village of other people’s debts to each other“.
Check the Origin together with Evolution of Banking from here