Volume : VII, Issue : VIII, August - 2017

THE EMERGENCE OF BANKING IN INDIA

Ruhi Gupta

Abstract :

 Banking is today an integral part of our everyday life: At home, at school, at office, at business, on travel everywhere we counter some aspect of banking. The significance of banking in our day to day life is being felt increasingly. What are the institutions, so inevitable in the present day set up? How do they transact? How did the concept emerge? These are some of the simple queries that do not surface in our minds but are lurking deep down. Money plays a dominant role in today’s life. Forms of money have evolved from coin to paper currency notes to credit cards. Commercial transactions have increased in content and quantity from simple banker to speculative intemational trading. Hence the need arose for a third party who will assist smooth banding of transaction, mediate between the seller and buyer, hold custody of money and goods, remit funds and also to collect proceeds. He was the “banker”. As the number of such mediators grew there is need to control. Such mediating agencies gave birth to the concept of “banks” and “banking”. With the exception of the extremely wealthy, very few people buy their homes in all cash transactions. Most of us need a credit in form of loans, to make such a large purchase. In fact, many people need financial support from Bank to fulfil the financial requirement. The world as we know it wouldn‘t run smoothly without credit and banks to issue it. In this article we‘ll, explore the birth of this flourishing industry.

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Article: Download PDF   DOI : 10.36106/ijar  

Cite This Article:

Ruhi Gupta, THE EMERGENCE OF BANKING IN INDIA, INDIAN JOURNAL OF APPLIED RESEARCH : Volume‾7 | Issue‾8 | August‾2017

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