A Bank may be defined as the financial institution which is engaged in the business of keeping money for savings and checking accounts or for exchange or for issuing loans and credit etc. The basic function of the bank includes Credit collection, Issuer of banking notes, Depositor of money and lending loans. Based on the objectives of tailor-made services, the bank aims to offer advice on investments, inheritance plans and provides active support for general transactions and the resolution of asset-related problems. The essential function of the banks is to provide services related to the storing of deposits and the extending of credit.
Now, banks are highly sophisticated using the boons and tools of Technological developments, and hence, provide more services, convenience, and comfort to the customers, such as:
» Online banking
» Investment banking
» Electronic banking
» Internet banking
» Pc banking/mobile banking
» E-banking
The importance of banking sector is pivotal in the progress and prosperity of any State or country. The economic progress and prosperity comes from the well-rounded development and an impeccable banking management. Banks in general, governmental and private, have eased our financial transactions, security, and facilitated greatly the funding for establishing a business or industry.