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Sarswat Bank in Short

Sarswat Bank in Short

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Published by Krishan Bhagwani

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Published by: Krishan Bhagwani on Aug 12, 2012
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01/29/2013

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 Aspects of Banking and Insurance1
Introduction to Banking in India:-
Finance is the life blood of trade, commerce and industry. Now-a-days, bank money acts as theback bone of modern business. Development of any country mainly depends upon the banking
system. The term bank is derived from the French word “Banco” which means abench or money
exchange table. In olden days, European money lenders or money changers used to display coinsof different countries in big heaps on benches or tables for the purpose of lending or exchanging.A bank is a financial institution which deals with the deposits and advances and other relatedservices. It receives money from those who want to save in the form of deposits and lends moneyto those who need it.In this modern world, bank has improved a lot in each and every aspects and services given bybank to their customers. Bank performs variety of functions such as primary functions andsecondary functions. Under primary functions there are certain functions such as acceptingdeposits and granting loans to the needed persons. Bank accepts deposits in various forms like assaving deposit, current deposit, fixed deposit, recurring deposit. Bank grants advance in variousways viz overdraft, cash credit, loans, discounting bills.Bank performs secondary functions such as agency functions and utility functions. Now, underagency functions there are services like transfer of funds, portfolio management, collection of cheques. Utility functions viz drafts, lockers, underwriting projects, etc.Now-a-days bank isdeveloping in the field of insurance also. Bank deals with big project. Bank provides loans onshort term basis as well as long term basis.There are number of banks in India. The different banks like as Saraswat bank, Nav-Jeevan bank,Axis bank, Punjab national bank, Canada bank, HDFC bank, Union bank, State bank of India,and many more. The Reserve bank of India is bankers bank. The various differences in all thebanks and RBI are - it prints notes, it does not deal with people; it deals with banks. It framesrules, regulations and policies for all the banks. All banks work under RBI.The nationalizedbanks initially concentrated on large cultivators and small farmers who were engaged in raisinghigh yielding varieties of food grains. The government has extended the integrated ruraldevelopment programmers to all development blocks in the country and has asked thecommercial banks to finance the IRDP.
 
 
 Aspects of Banking and Insurance2
Definitions of bank:-
Oxford dictionary defines a bank as,
“An establishment for custody of money which it pays out on customers order.”
 
The Indian banking act 1949 defines banking company as,
A company which transacts like business of banking has in India
” & the word banking
has been
defined as “accepting for the purpose of lending or investments of the deposits of money from
the public, repayable on demand or otherwise & withdraw able by cheque, draft, order or
otherwise.”
 
Some common characteristics of banks:-
In this modern world, there must be certain features of bank. Following are the characteristics of bank:-
 
Dealing in bank 
 
Individual firm or company
 
Acceptance of deposits
 
Giving advances
 
Payment & withdrawal
 
Agency & Utility services
 
Profit and service orientation
 
Ever increasing functions
 
Connecting link 
 
Banking business
 
Name identity
 
Development role
Functions of bank are:-
Bank performs certain functions such as primary functions and secondary functions.bank givesus various facilities such as accepting deposits, granting loans, drafts, locker facilities,underwriting projects, discounting of bills of exchange cash credit, periodic payments, periodiccollections, etc.
 
 
 Aspects of Banking and Insurance3
The bank which we have studied is:-Short view of the bank:-
Type Public companyIndustry Banking financial servicesFounded 1918Headquarters Mumbai, IndiaProducts
 
Investment banking
 
Commercial banking
 
Retail banking
 
Private banking
 
Asset management
 
Mortgages
 
Credit cardsRevenue
Rs. 27,313 crore (2010-11)Net income
Rs. 358.19 crore (2010-11)Employees 3338

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