A bank is the place where they accept deposits from people and lend loans and charge interest on them and performs agency functions,and provide certain facilities like providing lockers facilities and perform certain on the basis of its motive ...eg:IDBI BANK in india used to provide financial facilities to industrial sector..
The origin of the word bank lies in the city of Italy , where the Lombard Jews were used to keep benches in the market place to transact the business. Italian word for the bench is banco. Such banco arrangements were used to be made for smooth exchange of money and other bills of the business. From those banco arrangements, people used to call them as the banco personnel or the banco area or some specific banco. Gradually, with the mix up of the population and spreading the banco styled business, same banco word started giving rise to the bank (by stylish pronunciation, like today's SMS wording). Later on, when the financial organizations started to function with the similar objectives, people gave them the name banco and then the bank. Though, majority of the bankers believe the above theory of development for the bank word. But few also say that the bank word has its origin in the French word beque; incidentally, it also means a bench. This is not the end. Another group is there who advocates German word bank as the ancestor of today's English word bank. In German, bank means a heap of anything or joint stock fund. (English bank is also nothing but a junk place of all unnecessary papers, which actually could have gone to somebody's pocket - say mine!).
It is generally said that the word "BANK" has been originated in Italy. In the middle of 12th century there was a great financial crisis in Italy due to war. To meet the war expenses, the government of that period a forced subscribed loan on citizens of the country at the interest of 5% per annum. Such loans were known as 'Compare', 'minto' etc. The most common name was "Monte'. In Germany the word 'Monte was named as 'Bank' or 'Banke'. According to some writers, the word 'Bank' has been derived from the word bank.
It is also said that the word 'bank' has been derived from the word 'Banco' which means a banch. The Jews money lenders in Italy used to transact their business sitting on banches at different market places. When any of them used to fail to meet his obligations, his 'Banco' or banch or banch would be broken by the angry creditors. The word 'Bankrupt' seems to be originated from broken Banco. Since, the banking system has been originated from money leading business; it is rightly argued that the word 'Bank' has been originated from the word "Banco'.
Today the word bank is used as a comprehensive term for a number of institutions carrying on certain kinds of financial business. In practice, the word 'Bank' means which borrows money from one class of people and again lends money to another class of people for interest or profit.
A bank is an organization which lend money to the borrowers for a purposeful task, and provide a facility to deposit n withdraw money when needed and charge for it.
Actually meaning of bank is not specifies in any regulation or act. In India, different people have different type of meaning for bank. Normal salary earner knows means of bank that it is a saving institution, for current account holder or businessman knows bank as a financial institutions and many other. Bank is not for profit making, it creates saving activity in salary earner.
A bank or banker means an intitution or a person transacting the business of accepting for the purpose of leanding or investment, of deposit of money from the customers, payable on demand or otherwise and withrable by cheque, draft, payorder or otherwise.
