INTRODUCTION ABOUT BANKING SECTOR
Word Bank is said to be derived from the words Bancusor Banque thatmeans a bench.
Other authorities hold the opinion that the word Bank is derived from
the German word “Back” which means joint stock fund.
Later on, when the Germans occupied major part of Italy, the word
“Back” was Italianized into “Bank”(Aslam, 1999)It is therefore, not
possible to decide as to which of the opinions is correct, for no record
is available to ascertain the validity of any of the opinion”.
Banking is the business of providing financial services to consumersand businesses.
The basic services a bank provides are
checking accounts, which can be used like money to makepayments and purchase goods and services
savings accounts and time deposits that can be used to savemoney for future use;
loans that consumers and businesses can use to purchase goodsand services; and
basic cash management services such as check cashing andforeign currency exchange.