International Research Journal of Engineering and Technology (IRJET)
e-ISSN: 2395 -0056
Volume: 04 Issue: 05 | May -2017
p-ISSN: 2395-0072
www.irjet.net
A Study on the Banks as Financial Institution Laveena Mehta* Assistant Professor Chitkara University Research Scholar Punjab Technical University Email Id: lave81@gmail.com
Shivali Jindal** Assistant Professor Chitkara University Email Id:Jindal.shivali@gmail.com
Baljinder Kaur** Assistant Professor
Banmeet Kaur***
Chitkara University
Chitkara University Punjab
Student,
Email Id:baljinderrainu@yahoo.in
Abstract :
(Singapore), Section 2, Interpretation).Banking business suggests that the business of either or
A financial organisation is an institution that conducts
monetary
investments,
loans
transactions and
deposits.
each of the following:
like Nearly
1.
Receiving from the overall public cash
everybody deals with monetary establishments
on current, deposit, savings or different similar
on a daily basis. Everything from depositing
account due on demand or inside but [3
cash to putting off loans and exchanging
months] ... or with an amount of decision or
currencies should be done through monetary
notice of but that period;
establishments.
This
however
banks
the
organisation.
Banks
work act
defines as
borrow
that 2.
financial and
or paid in by customers.
lend
consecutive on their own account as middle
Banks act as payment agents by conducting
men. Thanks to their importance within the
checking or current accounts for patrons,
monetary stability of a rustic, banks square measure
extremely
regulated
in
paying cheques drawn by customers on the
most
bank, and collection cheques deposited to
countries. Banking business is business of
customers'
receiving cash on current or time deposit
organisation
advances to customers, and includes such
Banks
(ACH),
Wire
Transfer
or
telegraphic transfer, EFTPOS and automatic
different business because the Authority could
Teller Machines, (ATMs). Banks borrow cash by
dictate for the needs of this Act; (Banking Act Impact Factor value: 5.181
accounts.
payment strategies like automatic financial
by or paid in by customers, the creating of
|
current
additionally alter client payments via different
account, paying and collection cheques drawn
Š 2017, IRJET
Paying or collection cheques drawn by
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