Archive | Banking

Banks: Meaning, Functions and Types | India |Banking

After reading this article you will learn about:- 1. Meaning of Banks 2. Functions of a Bank 3. Types. Meaning of Banks: A bank (German word) means a joint stock fund. A bank denotes a financial institution dealing in money. A bank is an institution that is prepared to accept deposits of money and repay […]

Advances that can be Availed from a Bank: 4 Types

This article throws light upon the four main types of advances that can be availed from a bank. The types are: 1. Secured Loans 2. Cash Credit 3. Over Draft 4. Clean Advances. Type # 1. Secured Loans: These types of advances are granted against the collateral securities of different kinds, such as bullion, government […]

Credit Instruments of a Bank: 6 Forms | Banking

The common forms of credit instruments are: 1. Cheque 2. Bill of Exchange 3. Draft 4. Letter of Credit 5. Hundi 6. Promissory Note. Form # 1. Cheque: A cheque is written order addressed to a banker, signed by the person who has deposited money with the banker to pay an amount of money specified […]

Commonly asked Questions on Cheque Truncation (With Answers)

List of nineteen commonly asked questions on cheque truncation with answers. Q. 1. What Is Cheque Truncation? Ans. Truncation is the process of stopping the flow of the physical cheque issued by a drawer to the drawee branch. The physical instrument will be truncated at some point en-route to the drawee branch and an electronic […]

Commonly asked Questions on Micro Credit

List of ten commonly asked question of micro credit with answers. Q. 1. What is Micro Credit? Ans. Micro Credit is defined as provision of thrift, credit and other financial services and products of very small amount to the poor in rural, semi-urban and urban areas for enabling them to raise their income levels and […]

Commonly asked Questions on Senior Citizen Scheme | Banking

List of twenty-nine commonly asked questions on senior citizen scheme with answers. Q. 1. What are the salient features of the Senior Citizens Savings Scheme, 2004? Ans. Q. 2. Can a joint account be opened under the scheme with any person? Ans. Joint account under the SCSS, 2004 can be opened only with the spouse […]

List of 4 Banks in India Before Independence

List of top four earlier period banks of India:- 1. Bank of Hindustan (1770-1832) 2. The General Bank or General Bank of India (1786) and Bengal Bank 3. Bank of Calcutta (1806) or Bank of Bengal 4. The Presidency Banks. 1. Bank of Hindustan (1770-1832): In 1690 one of the Agents of East India Company […]

Evolution of Banking during Different Periods

After reading this article you will learn about the evolution of banking during different periods. Ancient Period: Any effort to trace the roots of banking or history of banking in an authenticated written form may perhaps always remain incomplete as in one or the other way the functions of a bank always existed right from […]

List of 7 Famous Oldest Banks of the World

List of seven famous oldest banks of the world which had modern banking system in its early stages:- 1. Berenberg Bank (German 1590 AD) 2. C.Hoare & Co. (1672) 3. Barclays Bank (1690) 4. The Bank of Scotland (1695) 5. Weglin & Co. Private Bankers (1741) 6. Private Banks of Switzerland 7. The Bank of […]

Establishment of the Central Bank for India

After reading this article you will learn about the establishment of the central bank for India. In order to bring some sound monetary policy, Industrial and agricultural development, provision for establishing sound principles for the upliftment of trade commerce and in manufacturing sectors a co-ordination among the banks constituted under the Company Act or otherwise […]