| Banks and Banking |
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Banks are authorized financial institutions and all activities they engage in for public interest are banking activities. The business banks engage in include receipt of money for deposit, to be payable as per account terms, loan issuance to individuals satisfying distinctive requirements, collecting checks that are presented for payment, commercial paper discount and money related functions. These are the typical activities that are categorized under the area of banking.
Although banks have been in existence for several decades now, their operations and functions have been shaped by major historical events. They have become an indispensable part of every nation’s economy and the most sought after source when it comes to financing. Banks are typically of two categories: state chartered banks and federally chartered national banks. Banks are entrusted with some duties and come under specific and stringent rules and laws to which their activities should conform.
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