When Did Banks Originate?


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Sudipa Sarkar answered
Banking is a very important factor in every nation's economics. Banking is as old as history. In ancient Babylon, Egypt and Greece, the temples were usually served as the places to deposit money. In the year of 210 B.C in Rome an ordinance was issued that set aside a place in forums for money-changers.

The word "bank" is originally came from an Italian word banco. Modern banking probably began with "Banco di Rialto" in Venice in 1587. This establishment accepted deposits and permitted to write checks against their money. In 1619 Banco del Giro gave receipts for gold or silver coins deposited. In 1609 the Bank of Amsterdam started to give receipts which were used as "bank money". From 1694 to 1825 Bank of England had a monopoly on public banking in England. Bank of North America which was situated in Philadelphia was the first regular bank of United States chartered by congress in 1782.

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