Banking and Financials

Certainly, no comparison can be made between ancient and modern banks, yet it is necessary to know how the present banking system gradually developed. In ancient times, goldsmiths, businessmen, and moneylenders used to perform the work of banking in every country. Hence, Crowther has described the following persons are the ancestors of modern banks The Merchants The oldest ancestors of the modern banks were merchants. The merchants used to exchange gold, silver coins and deposit the valuable ornaments or goods made of gold, silver, and gems. The receipt (written document as proof) given by them was considered equivalent money. They had played a vital role to develop the banking transaction. The Money Lenders The moneylenders were the second ancestors of modern banks. Lending and borrowing are almost as old as a moneylender, are found even in quite primitive communities. He is not usually regarded as a, very lovely object the user is one of the oldest terms of abuse. But the service he

  Process of Closing Saving and Current Accounts On the Request of the Customer The customers who want to close the current and saving account should visit the bank with the application. They should give the application along with the checkbook to close the account. The bank takes some minimum charges for the closing account, which is below 6 months. After receiving all the applications with all such documents the bank makes the decision to close the account, and the contractual relationship with the bank and customer comes to an end and account is closed itself and the bank does not ask for the reason to close the account. On the Decision of the Bank The customer's current and saving accounts can be closed on the bank's decision. But the bank cannot close the account without giving any notice to the customers. If the account is closed without giving any notice, later the customer may challenge or file a case against the bank before a court of law and the court may cancel the d

The bank offers three types of accounts for the facility of the customers. These are as follows: Current Account Saving Account Fixed Deposit Account What sort of things should one care to open the account, and when does the situation come to close the opened account? the special features of a banker-customer relationship impose obligations on a banker. He, therefore, has to be very careful in opening an account in the name of a customer. A banker should take the following precautions with regard to the opening of accounts. Application on a Prescribed Form Every bank has a prescribed form for opening different accounts The applicant is required to mention his name, occupation full address with location map, specimen signature, the name and sign of the introducer, and so on, He supplies his photograph to the bank and also undertakes to comply with the bank's rules in force from time to time for conduct of the account. Introduction If a banker opens an account for a customer without

The account holders can also be classified. Many types of persons, institutions, organizations come to open the account in a bank. Such people or organizations are called account holders. A bank opens three types of accounts such as current, saving, and fixed deposit accounts for their customers. a legal person or a natural person can open an account in a bank. But if the terms and conditions fixed by law are fulfilled, an account can be opened in the name of the disqualified person as well. there exists a contractual relationship between the customer and the bank. there is no dispute in that a competent person can open his account in the bank without any obstacle but the people who are unable to make a contract can open the account under guardianship. But they must fulfill the terms and conditions required by law. Persons who can open an account in a bank are as follows: Competent Person Minor Lunatic or Person of Unsound Mind Joint Account Holders Private Firm Partnership Firm Compan

  A bank is a mediator or a financial institution. It performs many functions. Its functions are very important. Its functions are regarded to be very sensitive because it does the business of currency. It accepts the deposits and provides the loan subject to some terms and conditions against the security of the movable and immovable property and assets of the borrower and the third person. Types of Deposits At the outset, it is necessary to know what a deposit is. Commercial Bank Act 2031 (1974), defines 'deposits' as the amounts deposited in a current, savings or fixed accounts of a bank or financial institution. People in general, the businessmen, the industrialists and other individuals deposit money in a bank. actually, such money is the main sources of capital for the commercial bank. bank, flows such amount as loan and invest in different sectors to earn profit. usually, a bank accepts three types of deposits. they are current, saving and fixed deposits. But in other cou

Have you ever sat silently while your co-worker spoke for nearly the complete time allotted for a meeting? have you ever mentioned an idea only to be ignored or have somebody else say it later and acquire credit for it?  It  is often  frust r ating and disheartening to  realize that  your voice isn’t heard  within  the workplace. When you’re a lady or minority, speaking up at work is often difficult. you'll have a sense that you simply can’t get a word in edgewise or your ideas and feelings won’t be taken seriously. Or could also be you fear you’d be perpetuating a negative stereotype of a few minority groups or multiple minority groups you belong to. These fears aren’t unwarranted: Re-search shows women speak but men within the workplace, despite the perception they speak more, for instance, which women in leadership positions face negative consequences for being more talkative. So, what are you able to do? Trust your voice, Remember you've got a right to be heard. Here are so

There are many financial and insurance products available within the financial mark et that offer investment opportunities and receive higher returns on your investments. Among the products available within the market, fixed deposit (FD) and life Insurance are among the foremost popularly used investment products. T hough life insurance is an insurance product, many use life insurance as an investment product. On the contrary,  a fixed deposit may be a pure investment product wherein you'll invest for varying tenures. Nonetheless , both life insurance and fixed deposits serve your different needs. About Fixed Deposit Fixed deposits are investment products. You can invest in fixed deposits for fixed tenures as per your convenience and obtain attractively returns on your investments at maturity. Normally, banks don’t allow you to withdraw your deposits before a given maturity. But, with prior notification to a bank, you'll withdraw your fixed deposits. Benefits of Investi

    What Is Credit Analysis? Credit the analysis is the process of assessing the creditworthiness of an obligor. Its purpose is to support the making of decisions about whether to accept credit risk on the obligor, as well as decisions about the size and nature of the risks that are deemed acceptable. The extent and scope of the credit analysis required depends on a number of factors, including the following: Types of Obligators Obligors include: Corporates   Governments Banks Non-bank financial institutions Individuals Nature of the Obligation The nature of the credit risk – such as granting a loan, accepting a guarantee, or buying marketable securities – impacts the analysis required. Timeframe The timeframe of the obligation needs to be considered. Long-term project finance loans, for instance, require more analysis than buying readily saleable government bonds. Prior Experience Less the analysis is needed where there have