Shikha Gupta, LLM (Business and Corporate Law), REVA University
INTRODUCTION
The banking sector's operation is not new, but rather very old in nature, having been practiced in ancient times in the form of money lending, gold selling, and merchants' operations. Despite the fact that modern commercial banking is a relatively new concept, it is already widely used. This institution is in charge of depositing money and disbursing loans. It is a financial institution that helps people with their concerns. In today's international economy, the functions of banks have taken on a significant role. Every country has its own economic and financial framework.
India is a large country in terms of both size and population. Agriculture and industry are the two mainstays of the country's economy. Banks have been a lifeline for development in all fields in this preview. The country's economic prosperity is booming thanks to banks. The country is now competing with other established countries throughout the world. Our economy is one that cares about 141 crores of people. In order to meet the needs of such a large population, banks have become our primary source of monetary funds.
As an outcome, banking plays a vital role in meeting the demands of the Indian people. Because of the scarcity of finances, banks have become a critical necessity in today's world. The activities of a bank are referred to as banking. A bank is an English term that refers to a financial business institution that deals with money. A separate history of the financial system will be discussed later.
