Essay On Bank In Simple English For Students & Children

Banking services are the services of depositing the money and then lending the loans to the needy if there is the proper transaction of the person with the bank. Bank provides all the services properly, there are many of the private’s banks rather than the government banks.

Banking history

Before the banking system was introduced the ancient people practice the barter system where in during the exchange if one person has the grains and another person is having the sugarcane than they were exchanging it, and after some. The first bank was established in India was the Bank of Hindustan in the year 1770 in Calcutta and then the bank of Bombay, Bank of Calcutta and Bank of Madras were then setup in the 19th century.

Importance of banks

Many of the development is done due to the use of the bank they are been as follows:

1. Provide safety and security

Now there are many of the robberies in the local area and the money and the gold become very tough to keep at the home, so the bank is those which keep the money and the god in very safe manner, and if we once kept there than the responsibility is of the bank to safeguard.

2. Encourages saving habits

All the earning man of the family should have the habit to save some of his income in the bank this will be helpful during any of the problems, the money kept in the bank also get the interest in it this also is one of the profits for the person.

3. Trade and commerce

For the development of the of the trade or the business this is very helpful the bank give the loan for the development of the trade and the commerce, today there become very easy for the transaction of the money as there is the Atm, money transfer system provided by the bank.

Types of the bank in India

  • Private bank
  • Public bank
  • Commercial bank
  • Development bank
  • Saving bank
  • Exchange banks
  • Foreign banks
  • Co-operatives banks
  • Central banks

In this all type of the bank some bank is for the public some are for the saving, some are for the development of the business sector and for the agriculture sector. But this all the bank are giving their service at their level to the public welfare only, but there is one bank which never gives their service to the local people that is the central bank of India, this bank only implement the policies to another level of the bank and this only take over the business of the government like the budget and the transaction of the government to the another country.

All the bank in India does not have their own place they pay the rent where the bank is been situated, Because of the bank today the people are secure with all their property and the wealth kept in the bank, it is the safeguard place for the public and most of the people trust the bank.

Updated: December 18, 2018 — 3:55 pm

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