Definition of Bank :
1st Definition
A bank is a financial institution which accepts the deposit of money from the public for lending or, investment. Banks Play a very important role in the development of any economy by moralizing financial resources from the place. Where it is in surplus to the place where it is in required. Definition of Bank
2nd Definition
A Bank is an important role play in our economy financial inclusion.
Bank had played a crucial role in the economic development of same developing countries. Such as the US, UK & Most of the emerging country economy including India, Canada, Brazil, and Malesia. Definition of Bank
Today, Banks are important not just from the point of view of economic growth but also Financial stability
There are two essential features to declare any financial institution as a bank:
- Accepting cheque able deposit of money from the public.
- Lending & Investment Bank
Banking Regulation Act 1949
A banking company is a company which transacts the business of banking in India.
