Essay On Bank In English for Students & Childrens

In today’s time, we need a bank to collect money. If there is no bank, then the economy of the country will not be stable. Bank is such an institution, where people can deposit their money with confidence. We deposit the amount. The bank gives us interest for that amount. The rest was discovered by the European people. Since then there have been many changes in the facilities of the bank. Today the bank has progressed so much, that every small village has Bank services are also available.

Bank History:

The bank was discovered by the European people. bank was started in Italy in the 14th century. The bank started in India from the 19th century. Bank makes a big contribution in handling the economy) works to give.

The first bank in the world was established in Italy in the year 1406. It was established in Geneva in Italy. The name of the first bank of the country was St. George’s Bank. Gradually, the bank started in India also in the 19th century by the East India Company. Bank of Bombay, Bank of Calcutta and Bank of Madras were started.

Bank Advantages:

The bank helps to keep the economy of the country stable. The bank keeps our money with itself. And after a few days, it also gives interest on that amount, Helps husbands in the form of loans when needed. There has been a lot of increase in facilities from the bank. After opening the account, we give check book and ATM card. With the help of check book, we can go anywhere with large amount. Transactions can be done easily, and we also have proof in writing.

We can withdraw money from ATM card wherever we need money. Now credit card facility has come by the bank. If there is no money in our bank account, even if we have a credit card, we can make purchases if needed. l Now the facility of net banking has also come from the bank, With the help of which we can transfer money to anyone sitting at home or office. This process is absolutely safe. Because it uses password while working, which only we know Bank has many other advantages.

Bank Work:

The bank deposits our money, after that it also gives interest on that money. The bank also gives big loans like: business loan, home loan, car loan and education loan etc.

Bank is associated with many agencies for the convenience of its customers, such as: light bill, mobile bill, insurance company, insurance company etc.

The bank also provides the facility of lockers to keep the valuables of its customers safe. In which people can keep their valuable things and papers. The bank gives the facility of ATM card, credit card and internet banking. You can also transfer money to the corner.

Bank Type:

The bank is divided into different areas. There are 6 main types of banks.

Industrial Bank, Commercial Bank, Agricultural Bank, Foreign Exchange Bank, Central Bank, Savings Bank.

Savings accounts have been created for the general public, who can deposit their remaining amount in the savings account. Agricultural banks have been made for the farmers, so that the farmers can easily get fertilizers and loans. The central bank is the best bank in the country. All types of notes of the country are printed in this bank. The central bank operates all the banks of the country.

What is Repo Rate?

Just like when we need money, we take a loan from the bank. Similarly, the bank also needs money for its needs or everyday work. For this, the bank takes a loan from the Reserve Bank of India. The interest it pays is called the repo rate.

What is cash reserve ratio (CRR)?

Every bank has to deposit some amount or percentage based on the Reserve Bank of India with the Reserve Bank. This is called CRR.

What is Statutory Liquidity Ratio (SLR)?

The bank has to keep some amount with it, it is called SLR. How much this amount is to be deposited, it is determined by the Reserve Bank.

Conclusion

If there is no bank, then the economic system of the country will stop. No one can progress without the bank. The bank provides us loans to move forward. There are countless services of the bank. Due to which today we and our country are progressing.

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