Essay Example on Bank is a German word which means to Collect









Bank is a German word which means to collect Now a day a bank occupies important space in the economic growth of the developing countries A commercial bank is a profit earning business organization which dealing in money and giving advances Banks are financial institution which accepts deposits of money from general public to keep them in its safe custody It also deals in with credit i e it creates credit by giving as advances from the funds received as deposits to needy customers Somsheskar 2009 The term Bank has been defined in different ways by different economists A few definitions are According to Walter Leaf 1999 A bank is a person or corporation which holds itself out to receive from the public deposits payable on demand by cheque Horace White has defined a bank as a manufacture of credit and a machine for facilitating exchange Somsheskar 2009 Years Events 1786 set up General Bank of India 1806 Presidency Bank of Calcutta was established in 1806 it was renamed in 1809 as Presidency Bank of Bengal 1840 Presidency Bank of Bombay 1843 Presidency Bank of Madras 1920 Three presidency banks viz Bank of Calcutta Bank of Bombay and Bank of Madras amalgamated to form Imperial Bank of India 1935 Reserve Bank of India RBI was formed based on the recommendation of Hilton Young Commission setup in 1926 1949 Nationalization of Reserve Bank of India 1955 Nationalization of Imperial Bank of India which now became State Bank of India 1969 Nationalization of 14 major Banks 1980 Nationalization of another 6 major Banks 1991 Narsimhan committee First gave its recommendation 1998 Narsimhan committee Second gave its recommendation 

Source Pankaj Goel Shobhna Kinley 1999 cited in NSE 2010 defines banks as an establishment which makes to individuals such advances of money as may be required and safely made and to which individuals entrust money when not required by them for use The Banking Companies Act of India defines Bank as A Bank is a financial institution which accepts money from the public for the purpose of lending or investment repayable on demand or otherwise withdraw able by cheques drafts or order or otherwise Somsheskar 2009 Digital Banking Before Liberalization and Globalization the Indian Banking sector is doing their business in a very slow manner In 1990 the revolution is came by privatization liberalization globalization in banking sector In this era foreign banks private banks came in existence by issuing licenses from Reserve Bank of India By do this Indian banks are faced intense competition from these banks due to Introduction of Digital Information technology in banking sector Though these changes started with the recommendations of Narasimham Committee s 1992 for computerization after that another Saraf Committee s 1994 given suggestions for Electronic Clearing Services ECS Electronic Fund Transfers EFT and banks can given services of IT as mobile banking internet banking automated teller machine ATM etc Source www rbi org in Internet banking refers to systems that enable bank customers to access accounts and general information on bank products and services through a personal computer PC or other intelligent device 

Chakraborty 2015 E banking may allow banks to offer new products and services to expand their markets for traditional activities and to consolidate their competitive position in offering available payment services while ensuring operating costs cut for banks BCBS 1998 Information Technology is refers to storing processing and transferring of information with the use of personal computers telephones mobile phones fax machines etc Technology has changed the banking process from traditional banking It gives extra edged to the banking industry to enhance customer base as well reach geographical distant and complex markets It is a fastest and cheapest way for delivery of banking products and services Customers can also get benefits by get instant account statements transfer funds fixed deposits and purchase drafts by just browsing bank s website through their pc or mobile app s Dhadwal Rajinderkapil 2017 E banking includes the systems that enable financial institution customers individuals or companies to access their accounts transact business or obtain information related to financial products and services through a public or private network like internet or mobile phone etc Chovanova 2006 Source Gvozdanovic Solomon 2016 Supply Chain Management Aim of Supply chain Management SCM to provide transmission of goods and information with highest level of customer satisfaction at the lowest possible cost

A supply chain is the network of the things involved in delivering finished goods to the customer Lindeke RR 2014 Supply chain management The definition of the Supply Chain Management SCM in the process of planning organizing implementing and controlling of the four things material capital information and manpower from the point of production supplier to the point of Sale customer forward reverse effectively efficiently in order to satisfy customer needs Supply chain Management as the integration of business process from the end user through original supplier who provides products services and information that adds value for the customers according to Douglas M Lambert Supply chain finance allows a supplier to sell its invoices to a bank at a discount as soon as they approved by the buyer so that the risk of seller is reduced as the time of sale The purpose of FSC to make transparency in processes between purchase to order and order to cash Kristofik Hoff 2012 Globalization is driving banks to examine new ways to cater to corporate clients including financial supply chain management FSCM Financial Supply Chain Management is generally defined as a set of financial activities happened various parties involved in a supply chain i e the customer producer and the financing institution to reducing financing costs and improved business efficiency Vousinas Ponis 2017

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