Chapter: 11th Office Management and Secretaryship : Chapter 9 : Banking Services

Definition of Banking Services

A bank is an establishment, which makes to individuals such advances of money as may be required and safely made, and to which individuals entrust money when not required by them for use.

Definition:

According to Prof.Kinley, A bank is an establishment, which makes to individuals such advances of money as may be required and safely made, and to which individuals entrust money when not required by them for use.”

“Banking is defined as accepting for the purpose of lending or investment of deposits of money from the public, repayable on demand or otherwise and withdraw able by cheque, draft, order or otherwise” –The Banking Regulation Act,1949

In the words of Prof.H.L.Hart,”A banker is one who in the ordinary course of his business receives money. which he repays by honouring cheques of persons from whom or on whose account he receives it”.

In short any activities involved in accepting and safeguarding money owned by other individuals and entities, and then lending out this money in order to earn a profit is known as banking,

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11th Office Management and Secretaryship : Chapter 9 : Banking Services : Definition of Banking Services |