Generally all the activities of a bank is called banking. In a broader sense, banking is the summation of financial services like collection of deposits from people, collect cheques, grant loan, transfer money, invest fund, safeguards money for its customers, etc. Some
Definitions of banking are as follows:
- “Banking means the accepting, for the purpose of lending or invest of deposits or money from the public, repayable on demand or otherwise, and withdrawanable by cheque, draft, order or otherwise“.
Indian company act 1949,section5(1)
- “ Banking means the activities undertaken by banks: this includes personal banking and commercial banking, and corporate banking”.
Oxford dictionary of finance and banking
From the analysis of above definitions it can be said banking is the business of providing financial services to the private individuals, corporations, government agencies, business and industries.
Webster Dictionary Meaning
More from this Section
- Worlwide approach tax structure
Worlwide approach tax structure— this approach to tax structure levies taxes on the ...
- Interest rate floors
Interest rate floors are put options on an interest rate. Interest rate floor refers to ...
- Currency Option
Currency Option is a foreign Currency Option gives the holder the right but not the obligation, ...
- Aggregate demand function
Aggregate demand function is the relationship between aggregate output and aggregate demand ...
- Export Documentary Credit Negotiated
Export Documentary Credit Negotiated bank facility which records the liability for negotiation ...