Topic Content:
- Definition of Bank
- Origin of the Bank
A bank is a financial institution that accepts demand deposits and makes payments where necessary, they give loans to customers or the government. It is an institution that is involved in the business of accepting deposits from the public and lending funds to all eligible borrowers.
Banking is the job or activities of a bank that facilitate the exchange of money between customers and the bank on a contractual understanding and trust.
Origin of the Bank:
The bank originated from the activities of goldsmiths in a time when the main form of money was gold and silver coins. Due to the nature of their work goldsmiths had a safe room where they kept people’s valuables e.g. gold, silver, jewellery, etc.
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