Introduction of Bank (Origin of Bank and Types of Banks)

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Introduction of Bank

Bank is a financial institution and financial intermediary.

The word bank is taken from Latin word banco that means a place for keeping, lending and exchange of money.

Bank is a financial institute that deals money and money equivalent.

It accepts deposits from individuals and organization.

It lends loan to individuals and organizations.

Bank provides interest on deposits. It charges interest on loan.

The interest on loan is always more than interest on deposits.

This difference is the income of bank.

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Origin of Bank

The word bank was borrowed from French word banque and Italian word banca.

One of the oldest items found in 350–325 BC showing money-changing activity is a silver Greek drachm coin from ancient Hellenic colony Trapezus on the Black Sea (now Trabzon or Turkish).

This coin is presented in the British Museum in London.

The coin shows a banker’s table (trapeza) laden with coins, a joke on the name of the city.

In fact, even today in Modern Greek the word Trapeza (Τράπεζα) means both a table and a bank.

Keep in Mind (KIM)

Types of Banks

There are different types of bank.

They are central bank, commercial bank, development bank, specialised bank and cooperative bank etc.

Under the commercial bank; they are public sector bank, private sector bank, foreign bank etc.

Under the specialised bank; they are agriculture bank, industrial bank, real state bank, infrastructure bank etc.

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