banking principles and operations mn gopinath

(1991), Money, Banking, Trade and Public Finance, Wiley Eastern Limited, New Delhi, p Shah and Mehta(1987), Master Key to Practice ad Law of Banking, Chetna Book Depot, Bombay, p.1 3 Vaish, M.C. Private money changers began with the task of reducing many metallic currencies more or less exactly, to a common unit of value and went on to accept money on deposit at interest, and to lend it out at higher interest permitting mean while drafts to withdrawn on them. According the Alfred Marshall, in Greece, the temples of Delphi and other safer places acted as store houses for the precious metals before the days of coinage, and in later times they lent out money for public and private purposes at interest, though they paid none themselves. 3 The evidences of basic banking are also found in the Chaldean, Egyptian and Phoenician history. Evidences show that credit by compensations and by transfer orders were found in Assyria, Phoenicia and Egypt before the system was fully developed in Greece and Rome. The priests of these great temples acted as the financial agents until public confidence was destroyed by the spread of disbelief in the religion.

the famous temples of Ephesus, Delphi and Olympia were used as depositories for peoples surplus funds and these temples were the centers of money-lending transactions.

2 The new evidences show that the activities of money changers were being done in the temples of Jerusalem. When the banker failed, his Banco was broken up by the people and hence the word bankrupt was emerged. 1 According to the others, the word bank is derived from the words Banco or Banque that is a bench upon which the early European money-lenders and money changers used to display their coins and transact business in the market place.

Some economist says that the word bank is derived from the German word banc which means a joint stock firm. According to some economist, the word bank is derived from the Greek word Banque i.e., a bench. 1.1 Origin and History of Bank: An International Perspective Important Events in Banking History- World Wide Origin and History of Banks: An Indian Perspective The Banking Structure in India Functions of Commercial Banks Profile of Sampled Units 26 1Ģ CHAPTER 1 BANKING- AN INTRODUCTION 1.1 Origin and History of Bank: An International Perspective There is no common view of the economist about the origin of the word banking. 1 CHAPTER 1 BANKING- AN INTRODUCTION CHAPTER INDEX No.

Banking principles and operations mn gopinath