Earlier, we all had a piggy bank or cash-box to save our money to use for some big purposes. I still remember that I once saved ₹ 500 in my Piggy Bank to buy a Carom in my childhood. Nowadays, banks do that for us and save our large sums for a long time. Let's have a glance on the information about Bank through the sets of 10 lines below.
Ten Lines on Banks
1) Financial institutions which provide loans, accept deposits and manage monetary circulation are banks.
2) Banks are the government certified and highly regulated financial authorities.
3) Majorly there are two types of banks Commercial/Retail Banks and Investment Banks.
4) Commercial/Retail banks provide consumer service like deposits, withdrawals, short term loans etc.
5) Investment banks provide corporate services like underwriting, trading, shares, mergers etc.
6) Banking system found its evolution since the 14th century in Italy.
7) The oldest working retail bank is Banca Monte Dei Paschi Di Siena in Italy.
8) Bahrenberg is the oldest corporate bank working since 1590.
9) Bank of Hindustan was the first bank of India established in 1770.
10) The oldest working bank in India is State Bank of India established in 1906.
1) Banks are the establishments recognized by the government to carry out deposits, withdrawals, monetary transactions etc.
2) Banks also provide short term and long term loans to individuals and corporate institutions.
3) Reserve Bank of India is the supreme banking institution which controls and regulates the circulation of currency and credit.
4) RBI also acts as a central control system for the entire banking establishment in the country.
5) RBI started its operation on 1st April 1935 as instructed in the RBI Act 1934.
6) Apart from dealing in monetary terms, banks also provide a locker system for depositing valuables like jewellery and important documents.
7) There are Gramin banks in villages which are a micro-financing system in rural areas.
8) Gramin banks act as a financial support system for the poor population in rural areas.
9) Apart from a financial institution, banks also act a large source of employment.
10) There are 19 nationalized banks currently working in India.
1) The banking system has become an integral part of the country.
2) Providing Loans to the customer is an important feature of modern Banks.
3) Banks work as a backbone for the economy.
4) Foundation of Banking system had led in India much back in Vedic Civilization.
5) ‘The Royal Bank of Scotland’ and ‘The Bank of England’ are some of the oldest banks of the world.
6) Banks play a lead role in promoting the habit of saving among the citizens.
7) The functions of banks other than accepting deposits and providing loans are the secondary functions.
8) National Banks, Retail Banks, Commercial Banks and Investment Banks are some types of Banks.
9) The main purpose of the banks is to provide ease on the financial issues to the people.
10) Almost all the banks, now a day, are also providing their services online in a fast and secure way.
1) Banks provide funds for business and personal needs.
2) The Banking in India had started with the ‘Bank of Hindustan’ in 1770 and ‘General Bank of India’ in 1786.
3) The first three presidency Banks in India were ‘The Bank of Bengal’ in 1806, ‘The Bank of Bombay’ in 1840 and ‘The Bank of Madras’ in 1843.
4) Later in 1921, all the three presidency banks merged to a new bank ‘The Imperial Bank of India’.
5) ‘The Allahabad Bank’ which is currently a nationalized bank is the oldest joint stock bank in India.
6) On 19th July 1969, the Government of India nationalized 14 private sector banks including Bank of India, Allahabad Bank and others.
7) During the 2nd phase nationalization of Banks, six more banks nationalized on 15th April 1980.
8) Reserve Bank of India (RBI), which acts as the central bank of India, had established in 1911.
9) The Banking services in earlier times were not as much extensive as they are now.
10) The Banks provide with the facility to save not only your money but also your jewellery and other valuable items.
Banks are the institutions which utilize our money in a better way and for the development of the country. They also help to keep a check on the inflation rate and control the price rise. With the introduction of new technologies, the workings of banks have become easy and quick, which has reduced the rush in the banks and also helped to speed up its overall process. Banks are the lifeline of an economy and significant for the development of a country.