Bank

 Definition of Bank

Bank is a financial institution  or which deals with money and its substitutes; it also provides other financial services. Banks accept deposits and make loans and obtain a profit from the difference in the interest paid to lenders (depositors) and charged to borrowers, respectively. It is formed for the purposes of maintaining current accounts, savings  accounts and checking accounts, issuing loans or advances or investment (Islamic mode) and credit, and dealing in negotiable securities issued by governmental entities and corporations.
It makes a link with depositors and customers directly or indirectly.

What is Bank?

Bank is a financial institution or corporation which deals with money and its substitutes; it also provides other financial services. Banks accept deposits and make loans and obtain a profit from the difference in the interest paid to lenders (depositors) and charged to borrowers, respectively.

It is formed for the purposes of maintaining current accounts, savings accounts and checking accounts, issuing loans or advances or investment (Islamic mode) and credit, and dealing in negotiable securities issued by governmental entities and corporations.
It makes a link with depositors and customers directly or indirectly.

A bank is a dealer in debts– his own and other peoples”- G. Crowther.

“Bank is an economic institution whose main aim is to earn profit through exchange of money and credit instrument” – Jhon Harry.

“A bank is an institution,the principal function of which is collect the unutilized money of the people and to lend it to others.” –R.P. Kent.

“Banks are institutions whose debts are commonly accepted in settlement of other people’s debts.” –R.S. Sayers.

“A bank is a financial intermediary- a dealer in loans and debts” -Cairncross.

“A bank is an establishment which trades in money, an establishment for deposit, custody and issue of money and also for granting loans and discounting bills and facilitating transmission of remittances from one place to another.”-Imperial Dictionary

 

 

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