Brief information about banking system in India Banking System In India

Brief information about the banking system in India Banking System In India In Hindi : In the present era, the banking system is very necessary and useful for us. Generally there is a bank branch or post office near us. The main function of banks is  to accept cash deposits from individuals and organizations and to provide loans to needy individuals and organizations. By whom the Indian banking system is operated, its main functions and methodology and the history of the banking system are being given to you here.

Information about Banking System in India Banking System In India

Any person can open an account by visiting a bank or post office. Business and other organizations can also open their account. There are different types of accounts. Such as- Savings account, Current account, Permanent deposit account etc. Any type of account can be opened as per your requirement.

All the banks of India work under the direction and control of the Reserve Bank of India (RBI). The banking system has made money transactions easy and secure.

Payment or transfer of any amount can be done easily and quickly using Cheque, Bank Draft, Internet Baking etc. We can easily withdraw money from our account through Automatic Teller Machine (ATM).

We can deposit our savings in the account. Here our money is safe, as well as interest is also available on it. Our small savings like this get accumulated in the bank and become a huge amount of money.

The bank lends this amount to the people who want to establish their employment as well as industries and business institutions. This money is used in many development works.

Read Also:   Download GSEB HSC Hall Ticket Name wise

n this way, banks play a huge role in development works by giving loans for employment and industry businesses. While information technology has made banking services universally accessible,

On the other hand, some people cheat bank account holders by misusing this technique. Therefore, do not use internet banking and ATM machine in the presence of any other person. Do not share your password / pin number with anyone.

What is bank What Is Bank Information In Hindi

A bank is an institution that deals in money and credit. The bank accepts the deposits of the people and provides the facility of lending and deduction. Apart from this, keeping in mind the convenience of the customers, it also does agent related work on their behalf.

Today, internet banking can operate its account from any place and 24 hours banking means that the customer can withdraw money from ATM machine anytime in 24 hours, and deposit money.

Hindi meaning of bank According to the Indian Banking Act 1949, “Bank is a company that carries on the business of banking” Banking means depositing money from the public for the purpose of giving loans or investments, which will be payable on demand and payable by cheque, draft or can be extracted in any other way.

There are many types of banks in India, under which central banks, commercial banks, cooperative banks, industrial development banks, regional rural banks, export-import banks, investment banks, savings banks, international banks and domestic or informal banks fall into this category.

Types and history of banking system in India

At present two types of banks are working in India on the basis of ownership. Public banks and private banks, which are also known as government and private banks in common language.

  • Public sector (government) banks are those banks in which the Government of India holds more than half of the shares. And this type of bank is registered in the name of the President of India. State Bank Groups is such an institution.
  • Private sector or private banks are called banks. Whose registration is done in the name of a particular person or organization. The Government of India also has shares in this. But less than half of the share is held by the government and the rest by the person with the respective ownership rights. Most of the banks in India fall in this category. Like Punjab National Bank, Bank of Baroda, Yes Bank, ICICI Bank etc.
Read Also:   AAMC Recruitment 2022- Apply Online, Notification Dates , Syllabus For Pharmacist Assistant Posts

The credit goes to the British for establishing the banking system in India. Firstly, in 1770, Bank of Hindustan was established in Calcutta by Alexander and Company. It was the first bank of modern India.

After this, East India Company took the responsibility of establishing banks for the development of its business. With the establishment of the Bank of Bengal in 1806, lakhs of banks were opened simultaneously in different cities.

Imperial Bank of India and Punjab National Bank were the first Indian banks to be started. After the Indian independence movement of 1857, all the small banks were merged with the Indian Imperial Bank and its ownership was taken over by the British Government.

After independence, its name was changed to State Bank of India. This is the first and only public bank in India, which was established in 1955.

Current types of banking services in India

After independence, there were many major reforms in the banking system in India, as a result of which today any person can easily open his account in the bank, do transactions or even take a loan from the bank if needed. A common man can take advantage of the following bank services in India.

  • Bank Accounts and Transactions – It is the first priority of every bank towards its customers, to open their bank accounts on the request of their customers under a pre-determined process and to provide money deposit and money withdrawal services on their request. Some banks do this work free of cost, while some charge a service fee from the customer for this.
  • Giving loan- Loan  means, when required, the bank does the work of lending money (loan) on the demand of the account holder. Short term, medium term and long term loans are provided by various banks.
  • Money Transfer – Every bank provides money transfer facility to its customers. Depositing money from one account holder to another account holder, bank also provides money transfer services through cheque, draft and money order.
  • Credit and Debit Cards – In the modern technological era, almost all banks provide services of credit and debit cards and e-banking . Through this, a person can send money from his account or can also request for money from the bank.
  • Lockers – This is a fundamental feature of the Indian banking system, that banks provide their customers with the option of keeping valuables and documents safe with the bank at a fixed service charge. Whose security and maintenance is the responsibility of the concerned bank.
  • All the services given above can be availed by an Indian citizen only, in addition to this, three types of bank accounts are also provided by Indian Bank for Non Resident Indian (NRI), which are as follows- NRO, NRE and FCNR.
Read Also:   India's Top 5 Selling SUVs - 2022 Maruti Suzuki Brezza, Tata Nexon and more | Car News