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XII Commerce Banking Notes and M.C.Qs PDF

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Evolution of Banking

It has not so far been decided as to how the word “Bank” originated. Some
authors say that this word is derived from the words” Bancus” or “ Banque” which
mean a bench. The explanations of this origin is attributed to the fact that the
Jews in Lombardy transacted the business of money exchange on benches in
the market place and when the business failed, the “ Banco” was destroyed by
the people
Other authorities hold the opinion that the word “ Bank” is derived from the
German word “ Back” which means joint stock fund. Later on, when the Germans
occupied major part of Italy, the word “ Back” was italianized into “Bank”.
It is, therefore, not possible to decide to which of the opinions is correct for no
record is available to ascertain the validity of any of the opinions.
Types of Banks
Primarily all banks gather temporarily idle money for the purpose of lending to
others and investing, which bring gain in the form of return, profit and deviants
etc. However, due to the variety of resources of money and the diversity in
lending and investment operations, banks have been placed in various
categories, such as:
• Commercial Banks
• Savings Banks
• Industrail Bank
• Mortgage Banks
• Agriculture Bank
• Investment Banks
• Central Banks
• Co-operative Bank
1. Commercial Banks
The commercial banks receive deposits from the general public, which are
repayable on demand upon written orders of the depositors. As their most
distinctive feature the commercial banks maintain chequing accounts for the
constituents.
The commercial banks are also distinguished for providing short-term finance to
trade, commerce

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