Bank is 'any financial institution that receives, collects, transfers, pays, exchanges, lends, invests, or safeguards money for its customers'.
According to J.C. Wood, "Bank is the trader of money and loan."
According to Johan Harry, "A bank is an economic institution whose main aim is to earn profit through exchange of money and credit instruments."
According to Bar Bari Block, "Bank is a real financial institution which receives deposit from a group of people & lends it to other group of people."
According to Coulborn, "Banks are a variety of firm for the safe keeping of money and for the granting and transfer of credits."
It is narrated in the Dictionary of Banking and Finance, "Bank' is an organization chartered by the state or federal govt., principle functions of which are:
- to receive demand deposits and pay customers cheques drawn against them;
- to receive time deposits and pay interest thereon;
- to discount notes make loans and invest in govt. or other securities;
- to collect cheques, drafts, notes etc.;
- to issue drafts and cashier's cheques;
- to certify depositors cheques and
- when authorized by a chartering govt. it may act in a fiduciary capacity."
Bank is the financial intermediary that offers the widest range of financial services – especially credit, savings, and payment services – and performs the widest range of financial functions of any business firm in the economy.