correspondent bank, Co-Operally’ Ss BANK: MEANING AND DEFINITION | ; The word bank means an institution for keeping, lending and ‘ i fa bank is to accept money exchange of money. The basic function 0: 7 from the public and lend to others. On the other hand, a bankisan institution which deals with money and credit. It is difficult to _ provide. clear cut definition to banks because a modern-bank is performing enormous functions. Itaccepts deposits and lends money to those who are in need ofit. Ithelps to transfer money from one place to other place both domestically and internationally. The following are the some of the definitions given by authorities inthe banking field. : e According to R.P. Kent, “a bank as an organization whose principal operations are concerned with the accumulation of the temporarily idle money of the general public for the purpose of advancing to others for expenditure”. e Inthe words of Geoffrey Crowther, “a bank collects money from those who have it to spare or who are saving it out of their incomes, and lends this money to those who require it”. _ e Horace White stated that, “a bank is amanufacturer of credit anda machine for facilitating exchanges”, According to Banking Regulation Act, 1949, a banking is one, “ which transacts the business of’ banking which means the accepting, for the purpose of lending or investment, of deposits, of money from the public, Tepayable on demand.or otherwise and withdrawable by cheque draft order or otherwise”. : ‘ ° * : ; ee ee toH. L. Hart, a banker is“one who in the pon. Kes nee Of his business honours cheques drawn 15 - : : mone,-z. ~» Person from and for whom he réceives ON current accounts”,MuUEIH Danny & HBUTaLE: J In short, a bank is an institution which accepts deposits from - the public and in turn advances loans by creating credit. A banker is dealing with the field of banking which is highly dynamic, complex and sophisticated and which must cater to the ever growing requirements of millions of people belonging to different strata of society. The banks have diversified their operations on an accelerated pace to cater to the sophisticated needs of corporate clients and other segments of trade and commerce. Currently, banks are the integral part of any country.