Popular Preference of Banks in India

Secondly, out of the twenty-five stockholders of the Bank, five of these were government owned. Thus showing support of the Bank by subscribing to one-fifth of its $35 million (Schlesinger 74). In addition, among the Bank’s functions was to hold all government money, sell all government bonds, and make commercial loans. However, no voters could dictate its policies or reign in its power, due to its privately owned status (Roughshod 2). Finally, the government also allowed bank notes to be used as payment for taxes.

The banking industry has over the years evolved from simple to large and complex organization. They have grown from one street building into having multiple branches some of which are international. Their clients range from individual and institutions to governments and other banks. Banks do not manufacture physical things. Their work is simply services for money (Koch & MacDonald 2010). Such services include storing, lending and managing money. All people and institutions, as well as governments, need money to operate accordingly.

Banks are institutions in which people put their money for safekeeping, to save, to use to pay their bills, or to earn interest on. Banks are allowed to use that money to make loans and earn interest for the bank's’ owners. Different types of banks offer different types of services. For example, commercial banks originally just served businesses, and savings banks and credit unions were used by individuals, especially those who couldn’t qualify for loans at regular banks. This is no longer the case. Although commercial banks and thrift institutions used to serve different purposes, today they all offer many of the same types of services including bank accounts, loans, credit, certificates of deposits (CDs), and much more.

The main purpose that banks have been serving since their inception is keeping our money safe for us. While keeping our money safe, they also let us earn a certain amount of interest on the money deposited with them. Traditional banks have been doing this, and internet banks continue the same function. The only difference is in the way the transactions are made.

These banks should ideally be divested of any sort of commercial interest, and must act in the best interest of its nation’s economic stability. A lot of meaning is carried out in being identified as ‘independent’ authority, where the bank possess powers to take its own decisions, approve its own legislature, follow its own policies and offer stability to the nation’s economy.

A bank is where you can borrow money only if you can prove you don¡¯t need it. To some extent, this joke is more truth than fiction. While banking has a

A bank is an institution that facilitates financial transactions between the parties. Amongst its standard operations are accepting deposits from the customers, lending money as loan (cite). The major source of income for banks is interest income which is earned on loans given to the customers, business firms and corporations. This very nature of it makes banking institutions so crucial for economic development of any country. Strong banking operations and fundamentals paves the way for higher customer and investor confidence in the company.

Banking Choices - A bank is a financial institution that will allow you to conduct several financial transactions. A bank offers a savings account where you can accumulate your money. A checking account that enables you to pay for goods and services using checks, a money

Banks are the most significant players in the Indian financial market. They are the biggest purveyors of credit, and they also attract most of the savings from the population. Dominated by public sector, the banking industry has so far acted as an efficient partner in the growth and the development of the country. Driven by the socialist ideologies and the welfare state concept, public sector banks have long been the supporters of agriculture and other priority sectors. They act as crucial channels of the government in its efforts to ensure equitable economic development.

Bank of Baroda is one of the largest banks in India and ranks second in terms of number of customers after SBI. The bank offers a wide range of banking products and financial services to its retail and corporate customers through its branches, specialised subsidiaries, and affiliates. It has a number of credit options available for specific needs of customers with some of the popular ones being personal loan, home loan, reverse mortgage loan, etc.

The nature of banks as regulated institutions imposes special obligations upon a bank, its directors, officers and employees to respect and protect the rights and assets of others, whether customers, shareholders, other employees or affected companies.

Bank: - is an establishment authorized by a government to accept deposits, pay interest, clear checks, make loans, act as an intermediary in financial transactions, and provide other financial services to its customers.

The banking industry is a huge sector of business and finance that has existed in human civilization in some form for thousands of years. In the modern world, banks/financial institutions have become foundations of our economy for several reasons. They transfer risk, provide liquidity, facilitate both major and minor transactions and provide financial information to individuals and organizations.

2.1.2 It is known that a bank makes a loan to a borrowing customer. The borrower needs to pay the principal back with interest. The process significantly creates a credit and a liability for both the bank and the borrower. So the borrower is credited with a deposit in account and incurs a liability for the amount of the loan. Apart from that, it could be predicted that an asset of banks should be equivalent to the amount of loans and a liability should be equal to deposits as well. If the bank’s assets and liabilities have grown, and so has the borrower’s. Moreover, loans are used not just by individuals but also organizations and even governments.

Banking is also a business activity and helps in mobilizing the money in the economy. It is a