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    Harshal Kamdar
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    Banks accept deposits of money from the public for the purpose of lending or investment, which can be withdrawn by checks, drafts, or orders. Banking involves directly dealing with money, so governments regulate the sector stringently. In India, banking is defined as any company that transacts banking business by accepting deposits of money from the public for lending or investing purposes, which are repayable on demand through checks or drafts. Banks also provide utility services for customers in addition to their primary functions of accepting deposits and lending.

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    Banks accept deposits of money from the public for the purpose of lending or investment, which can be withdrawn by checks, drafts, or orders. Banking involves directly dealing with money, so governments regulate the sector stringently. In India, banking is defined as any company that transacts banking business by accepting deposits of money from the public for lending or investing purposes, which are repayable on demand through checks or drafts. Banks also provide utility services for customers in addition to their primary functions of accepting deposits and lending.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
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    7 views3 pages

    Chapter 1

    Uploaded by

    Harshal Kamdar
    Banks accept deposits of money from the public for the purpose of lending or investment, which can be withdrawn by checks, drafts, or orders. Banking involves directly dealing with money, so governments regulate the sector stringently. In India, banking is defined as any company that transacts banking business by accepting deposits of money from the public for lending or investing purposes, which are repayable on demand through checks or drafts. Banks also provide utility services for customers in addition to their primary functions of accepting deposits and lending.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
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    CHAPTER 1

    INTRODUCTION
    1.1 Definition

    Banking is "accepting, for the purpose of lending or investment of deposits of money from the public, repayable on demand or otherwise and withdrawable bycheques, draft, order or otherwise."Bank is defined as a person who carries on the business of banking. Banks also perform certain activities which are ancillary to this business of acceptingdeposit s and lending. Since Banking involves dealing directly with money,governments in most countries regulate this sector rather stringently.Bank ing in India was d efin ed u nder Section 5 (A) as "an y co mp any wh ich transacts banking, business" and the purpose of banking business defined under Section 5(B),"accepting deposits of money from public for the purpose of lending or investing, repayable on demand through cheque/draft or otherwise".In the process of doing the above-mentioned primary functions, they are also permitted to do other types of business referred to as Utility Services for their customers (Banking Regulation Act, 1949).
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