Banking

“Space has vanished, time has seized we are living in a Globalized world, so bank is your every thing”
Marshel Macluhan (Noted Economist)

In the current arena Bank is a vital part of society, because it gives a lot of help to comman people through various programme like financial loan, security, so that we have to discuss what is banking and how it helps to rebuild our country.

Introduction

A bank is a financial institution run by either Private Corporate Companies or Government itself and license has been given by government only. The primary duty of bank is lend money to people, and providing financial service to consumers and businesses. Basically a bank provides accounts which can be used to make payments and purchase goods and service savings accounts and time deposits that can be used to save money for future also.

Another important thing which a bank provides is loan that can be used to purchase goods and service. This particular loan is very helpful to farmers because most of the time there agricultural lands have been ruined by heavy rains, Huricane, etc. At that time almost all banks are providing loans to sort out the farmer’s problem. This is one just example the way banks are being helped the people.


Types of banks specialisation
Basically banks are giving various specialisations, in offering these basic banking services,

1) Commercial banks
2) Savings and loan associations
3) Savings banks,
4) Credit unions


Types of banking
There are types of banking which provides lot of helps following are the types of banking

“online banking electronic banking investment banking banking day home banking private banking retail banking e banking internet banking mobile banking”

Among this service online banking is very popular because of onslaught of internet and people are very busy so that they don’t have time to go to bank fill the forms most of the people prefer online banking. It allows customers to conduct through internet and also able transactions through online.

Conclusion
Everyone knows that banks become mired in bad debts when the economy takes a turn for the worse. Lot of banks have been shut down because of finical lose for eg, when interest rates jumped rapidly from 6 per cent to 15 per cent, making it impossible for businesses and households to service their bank borrowings. Some banks lost multimillion-pound loans. Then there was the collapse of the housing market, also makes havoc in banking sector. Despite the financial lose some banks have been merge with other banks to save the reputation and lose.
Let’s conclude banking sector is backbone of a country it not only serves the society but also serve the country interest. It’s a mirror of society it serve the people, society and country
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