This document is a module on the story of banking. It discusses the origins and history of banking. It begins by defining a bank as a financial institution that accepts deposits and uses them to lend money. It then discusses the origins of the word "bank" coming from Italian/German words or possibly Sanskrit words related to expense calculations. The module goes on to discuss the early history of banking with wealth being stored in temples, the role of goldsmiths in London becoming early bankers, and the development of banking in India.
Banking in India can be traced back to the Vedic period in 2000-1400 BC, with money lending and deposit-taking evolving over time. The British brought joint-stock banking to India in the early 1700s. To modernize banking, the British established the Presidency Banks in the early 1800s. The Reserve Bank of India was established in 1935 to regulate the banking system and respond to bank failures. Banking nationalization occurred in the 1960s and 1980s.
Indian banking sector is one of the fastest growing sector in India. Post globalization period private banks and foreign banks entered in this sector and stimulated the competition. Information technology completely changed the picture of Indian banking industry. Private and foreign banks adopted new ways of delivering services to its customers. Electronic transactions are adopted instead of traditional banking. This was the tuff time for Indian public sector banks to maintain their customer base. After this situation arise, RBI took various initiatives to introduce information technology regulations for Indian banking sector and did mandatory for banks to adopt E banking. In present scenario it is important to study the Indian banking industry and especially public sector banks in India. In this study, attempt is made to study about world banking sector and then Indian banking sector right from its evolution to the present day situation. Himanshu Arya ""E-Banking: The Emerging Trend"" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-4 , June 2019, URL: https://www.ijtsrd.com/papers/ijtsrd23689.pdf
Paper URL: https://www.ijtsrd.com/management/law-and-management/23689/e-banking-the-emerging-trend/himanshu-arya
Banking in India can be traced back to the Vedic period in 2000-1400 BC, with money lending and deposit-taking occurring. The modern banking system developed under British rule in the 18th century with agencies establishing the first joint-stock banks. To fulfill growing banking needs, the British established the Presidency Banks in the early 19th century. After independence, the Reserve Bank of India was established in 1935 and banks were gradually nationalized in 1969 and 1980 to promote development and access to credit across the country. Private sector banking was reopened in 1993.
This document provides an overview of the banking system in India. It defines banking and outlines the key laws and institutions that govern banking operations, including the Reserve Bank of India Act and the Banking Regulation Act. It describes the structure of banks in India, categorizing them as commercial banks, cooperative banks, and development banks. It provides details on the various types of commercial banks, cooperative banks, and development banks in India. It also summarizes the major functions and roles of the Reserve Bank of India in regulating the banking system.
This document provides an overview of the history of banking in India and details about Bank of Baroda (BoB). It discusses that banking originated in India during ancient times and evolved during British rule with establishment of presidency banks. Post-independence, the government nationalized many banks for development. BoB was founded in 1908 in Gujarat by the Maharaja of Baroda and has since expanded domestically and internationally, currently being one of the largest banks in India. The document outlines BoB's growth, expansion overseas, and importance as a stable bank throughout financial crises due to prudent leadership and business practices.
The document provides details about Axis Bank - one of India's largest private sector banks. Some key points:
- Axis Bank was established in 1994 as UTI Bank and later renamed Axis Bank. It is headquartered in Mumbai.
- The bank provides both retail and corporate banking services through branches and ATMs across India and international locations.
- Axis Bank has positioned itself as a customer-centric and service-oriented bank focusing on product innovation to meet diverse customer needs.
- The bank has received several awards recognizing its performance as one of the best private sector banks in India.
The document provides an overview of the history and development of banking in India. It discusses the origins of banks, the establishment of early banks in India under British rule, the nationalization of banks in 1969 and 1980, the liberalization of banking in the 1990s, and lists the current types of banks operating in India. It also provides a brief history and business highlights of Andhra Pragathi Grameena Bank as of September 2010.
The document provides an overview of currency and coins in India. It discusses the denominations of coins and banknotes currently issued, the roles of the Reserve Bank of India and Government of India in currency management, and guidelines around soiled/mutilated notes. It also briefly outlines the history of banknotes issued since India's independence.
Banking in India can be traced back to the Vedic period in 2000-1400 BC, with money lending and deposit-taking evolving over time. The British brought joint-stock banking to India in the early 1700s. To modernize banking, the British established the Presidency Banks in the early 1800s. The Reserve Bank of India was established in 1935 to regulate the banking system and respond to bank failures. Banking nationalization occurred in the 1960s and 1980s.
Indian banking sector is one of the fastest growing sector in India. Post globalization period private banks and foreign banks entered in this sector and stimulated the competition. Information technology completely changed the picture of Indian banking industry. Private and foreign banks adopted new ways of delivering services to its customers. Electronic transactions are adopted instead of traditional banking. This was the tuff time for Indian public sector banks to maintain their customer base. After this situation arise, RBI took various initiatives to introduce information technology regulations for Indian banking sector and did mandatory for banks to adopt E banking. In present scenario it is important to study the Indian banking industry and especially public sector banks in India. In this study, attempt is made to study about world banking sector and then Indian banking sector right from its evolution to the present day situation. Himanshu Arya ""E-Banking: The Emerging Trend"" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-4 , June 2019, URL: https://www.ijtsrd.com/papers/ijtsrd23689.pdf
Paper URL: https://www.ijtsrd.com/management/law-and-management/23689/e-banking-the-emerging-trend/himanshu-arya
Banking in India can be traced back to the Vedic period in 2000-1400 BC, with money lending and deposit-taking occurring. The modern banking system developed under British rule in the 18th century with agencies establishing the first joint-stock banks. To fulfill growing banking needs, the British established the Presidency Banks in the early 19th century. After independence, the Reserve Bank of India was established in 1935 and banks were gradually nationalized in 1969 and 1980 to promote development and access to credit across the country. Private sector banking was reopened in 1993.
This document provides an overview of the banking system in India. It defines banking and outlines the key laws and institutions that govern banking operations, including the Reserve Bank of India Act and the Banking Regulation Act. It describes the structure of banks in India, categorizing them as commercial banks, cooperative banks, and development banks. It provides details on the various types of commercial banks, cooperative banks, and development banks in India. It also summarizes the major functions and roles of the Reserve Bank of India in regulating the banking system.
This document provides an overview of the history of banking in India and details about Bank of Baroda (BoB). It discusses that banking originated in India during ancient times and evolved during British rule with establishment of presidency banks. Post-independence, the government nationalized many banks for development. BoB was founded in 1908 in Gujarat by the Maharaja of Baroda and has since expanded domestically and internationally, currently being one of the largest banks in India. The document outlines BoB's growth, expansion overseas, and importance as a stable bank throughout financial crises due to prudent leadership and business practices.
The document provides details about Axis Bank - one of India's largest private sector banks. Some key points:
- Axis Bank was established in 1994 as UTI Bank and later renamed Axis Bank. It is headquartered in Mumbai.
- The bank provides both retail and corporate banking services through branches and ATMs across India and international locations.
- Axis Bank has positioned itself as a customer-centric and service-oriented bank focusing on product innovation to meet diverse customer needs.
- The bank has received several awards recognizing its performance as one of the best private sector banks in India.
The document provides an overview of the history and development of banking in India. It discusses the origins of banks, the establishment of early banks in India under British rule, the nationalization of banks in 1969 and 1980, the liberalization of banking in the 1990s, and lists the current types of banks operating in India. It also provides a brief history and business highlights of Andhra Pragathi Grameena Bank as of September 2010.
The document provides an overview of currency and coins in India. It discusses the denominations of coins and banknotes currently issued, the roles of the Reserve Bank of India and Government of India in currency management, and guidelines around soiled/mutilated notes. It also briefly outlines the history of banknotes issued since India's independence.
The banking system in India has evolved over centuries from money lending practices in ancient times to a modern system with widespread reach. It has undergone 3 major phases of development: [1] Early phase from 1786 to 1969 saw the establishment of the first banks; [2] Nationalization phase from 1969-1991 where government took control of banks; [3] Post-1991 liberalization phase introduced reforms and new private and foreign banks. Today the system includes public, private, foreign and cooperative banks serving both urban and rural areas across the country.
Banks accept deposits from customers and use those funds to issue loans at higher interest rates, which is their main source of income. Punjab National Bank (PNB) was founded in 1894 and nationalized by the Indian government in 1969. In 2018, PNB was involved in one of India's largest banking frauds perpetrated by diamond merchant Nirav Modi, who used fake bank guarantees to secure loans worth over $2 billion. PNB is responsible for repaying those fraudulent loans.
Harshad Mehta was a stockbroker in Mumbai who orchestrated one of India's biggest securities scams in the early 1990s. He exploited loopholes in India's banking system to conduct fraudulent transactions using instruments like ready forwards and fake bank receipts. This allowed him to inflate stock prices and extract hundreds of crores of rupees from banks. Mehta's activities were exposed in 1992, triggering a stock market crash and reforms to India's financial regulations and institutions like SEBI. Mehta was arrested and died in prison while facing charges related to the scam.
Bad boys billionaire review of all the 3 episodesDksCreation
A complete review of Bad boys billionaire series of Netflix of all the 3 episodes in consideration of financial aspect, and how they have managed to escape covering all the loopholes they made .
The document summarizes the Reserve Bank of India's Clean Note Policy and guidelines regarding currency notes in India. It discusses RBI's sole authority to issue bank notes, security features of different denomination notes including ₹2000, ₹500, ₹200 and ₹100 notes, detection of counterfeit notes, distribution and disposal processes, challenges in implementing the Clean Note Policy, and initiatives taken by RBI like the Currency Verification and Processing System.
Nirav Modi, an Indian jeweler, is being investigated for an alleged $1.8 billion fraud at Punjab National Bank (PNB). The fraud involved the unauthorised issuance of Letters of Understanding by PNB employees to overseas branches of other Indian banks on behalf of Nirav Modi's companies. This allowed Nirav Modi's companies to take large loans abroad without required collateral. The scam began in 2008 and continued until being discovered in January 2018. Nirav Modi and his family are believed to have fled India before the case was registered. The fraud is considered India's biggest bank fraud to date.
The document provides an overview of the banking industry, including its evolution and history. It discusses how banking originated in temples and palaces as safe places to store gold and other valuables. It then outlines the emergence of early banks like merchant banks in medieval times and the formalization of banking within distinct buildings by the Romans. The document also summarizes the nature, trends, and federal regulation of the modern banking industry.
The State Bank of India was established in 1806 as the Bank of Calcutta and later renamed in 1809 as the Bank of Bengal. It was the first joint-stock bank in British India. In 1955 it was nationalized and renamed as the State Bank of India. Today, SBI is the largest bank in India by assets and market capitalization, with over 16,000 branches and more than 200,000 employees. SBI and its associate banks provide a wide range of banking products and services both domestically and internationally.
This document discusses the PNB bank scam involving billionaire jeweler Nirav Modi. In February 2018, PNB disclosed that Nirav Modi allegedly defrauded the bank of Rs. 11,400 crore using fraudulent guarantees. Other Indian banks like Allahabad Bank and Union Bank of India were also involved through the SWIFT system. The document then provides background on Nirav Modi and analyzes the impact of the scam on customer perceptions of banking services and financial awareness. It outlines the scope and methodology of a study conducted among PNB account holders in Palwal to understand problems faced by customers after the scam.
Punjab National Bank was defrauded of $1.77 billion in a scam perpetrated by Nirav Modi, a diamond trader, and his associates. Modi fraudulently obtained letters of undertaking from PNB to secure loans from other banks without providing collateral. The fraud was detected in January 2018 when PNB officials noticed fraudulent transactions were not recorded properly. The scam has significantly impacted PNB and other public sector banks through loss of funds and declining share prices. Investigations into the fraud are ongoing along with efforts to recover funds from Modi's seized assets.
Introduction to Banking, Evolution of Banking, History of Banking system, Route map from traditional banking to Modern banking, Modern Banking system and its evolution, Growth of Indian Banking System
Role of Auditors in Punjab National Bank ScamGurbaniLuthra
1. Several auditing firms failed to detect the massive Rs 14,000 crore fraud at Punjab National Bank, with the internal chief auditor especially culpable.
2. Management failures like not linking SWIFT transactions to the core banking system and not rotating employees contributed to the scam going undetected.
3. The scam occurred over 7 years as fraudulent LoUs were issued to Nirav Modi's firms without collateral, bypassing checks. This allowed them to raise loans from other banks.
4. Auditors like Suri & Co, SPMG & Company, and MKPS & Associates had roles auditing the bank but failed to find the fraud. Assets worth billions have since been seized from
Indian currency notes contain several interesting facts:
- They are made of cotton and rag rather than paper for security.
- They have 15 regional languages plus English and Hindi.
- Different denominations feature different landmarks, such as the Red Fort on the Rs. 500 note.
- Coins have mint marks indicating where they were made, such as a star for Hyderabad.
Axis Bank rebranded itself from UTI Bank in 2007 for three main reasons: they had to give up the UTI name after 13 years of using it as they were not willing to accept terms from UTI AMC, including paying royalty fees; the recommendation to change the name came from brand confusion generated by other unrelated entities using the UTI brand; and the name UTI Bank implied it was a government bank so they wanted their own unique brand identity. The bank spent around Rs. 50 crore on the rebranding exercise, hiring advertising firm Ogilvy & Mather to design and implement the new Axis Bank brand, including a new logo depicting a strong growth path supported by a strong base.
Axis Bank was incorporated as UTI Bank in 1994 and has since grown to become one of the largest private sector banks in India. It has over 1035 branches across 30 states and union territories in India as well as international offices in Singapore, China, Hong Kong, and Dubai. The bank analyzes its performance using various financial ratios that measure profitability, leverage, liquidity, and payouts. These ratios indicate that between 2008-2012 the bank improved its earnings, returns, and ability to cover costs and debts while maintaining adequate current assets to meet short-term obligations.
Axis Bank is one of India's largest private sector banks. It was established in 1994 under the name UTI Bank and later changed its name to Axis Bank in 2007. Axis Bank offers various personal and corporate banking services, and has over 500 billion USD in total assets. It has over 42,000 employees and over 3,000 branches across India.
Nirav Modi, an Indian billionaire jewellery designer, is at the center of a Rs. 11,400 crore fraud involving the state-run Punjab National Bank. The bank detected fraudulent transactions using fake Letters of Undertaking at its Mumbai branch. Three main perpetrators - Nirav Modi, his uncle Mehul Choksi, and several PNB officers including Gokulnath Shetty are being investigated for criminal conspiracy and breach of regulations. Separately, Vikram Kothari, chairman of Kanpur-based Rotomac Global, has been accused of defaulting on over Rs 800 crore in loans from multiple state banks through alleged siphoning of funds and willful loan defaults. Both
This document provides an overview of the origin and development of banking in India. It discusses the history of banks in India dating back to the 18th century with the establishment of banks like Bank of Hindustan and presidency banks. It then covers the nationalization of banks in India in 1969 and 1980. The document also defines key banking terms like banks, characteristics of banks, and functions of banks such as accepting deposits and lending funds. It provides context on the various types of banks that operate in India and how the banking system works.
According to the Banking Companies Act of 1949, a bank is defined as an institution that accepts deposits from the public, repayable on demand or otherwise, and uses those deposits to lend money or make investments. The document then lists different types of banks in India such as commercial banks, cooperative banks, rural cooperative banks, urban cooperative banks, the State Bank of India and its associates, nationalized banks, foreign banks, regional rural banks, and non-scheduled banks. It also lists some modern banking technologies and services used by banks like core banking solutions, customer relationship management, electronic funds transfer, electronic clearing services, any branch banking, risk management, ATMs, card management, and mobile banking.
1. The document is a revised master circular from the Reserve Bank of India providing instructions to all banks on the facility for exchanging notes and coins.
2. It requires all bank branches to actively provide customers the services of issuing fresh notes and coins, exchanging soiled/defective notes, and accepting coins and notes for transactions or exchange without discrimination.
3. The circular details rules and guidelines for banks on accepting different types of notes - such as mutilated, extremely brittle, or politically-marked notes - as well as delegating powers to bank branches to exchange mutilated notes for the convenience of the public.
Let's take a look at each type:
Commodity money - Money that has intrinsic value, like gold, silver, etc.
Representative money - Money that represents value of a commodity, like paper notes representing gold.
Fiat money - Money without intrinsic value established by government order, like modern paper currency.
Currency - Notes and coins issued and backed by central banks as legal tender.
Commercial bank money - Deposits created by commercial banks through lending, like checking accounts.
Vol. 1.1-4n4
Banking history began with the first prototype bank. They are the merchants of the world who give grain to farmers and the merchants who transport goods among cities. This happened in the year 2000 BC. Assyria, in India, summer. Later, in the days of the ancient Greeks and Romans, temple moneylenders made loans by taking deposits and exchanging money.
The banking system in India has evolved over centuries from money lending practices in ancient times to a modern system with widespread reach. It has undergone 3 major phases of development: [1] Early phase from 1786 to 1969 saw the establishment of the first banks; [2] Nationalization phase from 1969-1991 where government took control of banks; [3] Post-1991 liberalization phase introduced reforms and new private and foreign banks. Today the system includes public, private, foreign and cooperative banks serving both urban and rural areas across the country.
Banks accept deposits from customers and use those funds to issue loans at higher interest rates, which is their main source of income. Punjab National Bank (PNB) was founded in 1894 and nationalized by the Indian government in 1969. In 2018, PNB was involved in one of India's largest banking frauds perpetrated by diamond merchant Nirav Modi, who used fake bank guarantees to secure loans worth over $2 billion. PNB is responsible for repaying those fraudulent loans.
Harshad Mehta was a stockbroker in Mumbai who orchestrated one of India's biggest securities scams in the early 1990s. He exploited loopholes in India's banking system to conduct fraudulent transactions using instruments like ready forwards and fake bank receipts. This allowed him to inflate stock prices and extract hundreds of crores of rupees from banks. Mehta's activities were exposed in 1992, triggering a stock market crash and reforms to India's financial regulations and institutions like SEBI. Mehta was arrested and died in prison while facing charges related to the scam.
Bad boys billionaire review of all the 3 episodesDksCreation
A complete review of Bad boys billionaire series of Netflix of all the 3 episodes in consideration of financial aspect, and how they have managed to escape covering all the loopholes they made .
The document summarizes the Reserve Bank of India's Clean Note Policy and guidelines regarding currency notes in India. It discusses RBI's sole authority to issue bank notes, security features of different denomination notes including ₹2000, ₹500, ₹200 and ₹100 notes, detection of counterfeit notes, distribution and disposal processes, challenges in implementing the Clean Note Policy, and initiatives taken by RBI like the Currency Verification and Processing System.
Nirav Modi, an Indian jeweler, is being investigated for an alleged $1.8 billion fraud at Punjab National Bank (PNB). The fraud involved the unauthorised issuance of Letters of Understanding by PNB employees to overseas branches of other Indian banks on behalf of Nirav Modi's companies. This allowed Nirav Modi's companies to take large loans abroad without required collateral. The scam began in 2008 and continued until being discovered in January 2018. Nirav Modi and his family are believed to have fled India before the case was registered. The fraud is considered India's biggest bank fraud to date.
The document provides an overview of the banking industry, including its evolution and history. It discusses how banking originated in temples and palaces as safe places to store gold and other valuables. It then outlines the emergence of early banks like merchant banks in medieval times and the formalization of banking within distinct buildings by the Romans. The document also summarizes the nature, trends, and federal regulation of the modern banking industry.
The State Bank of India was established in 1806 as the Bank of Calcutta and later renamed in 1809 as the Bank of Bengal. It was the first joint-stock bank in British India. In 1955 it was nationalized and renamed as the State Bank of India. Today, SBI is the largest bank in India by assets and market capitalization, with over 16,000 branches and more than 200,000 employees. SBI and its associate banks provide a wide range of banking products and services both domestically and internationally.
This document discusses the PNB bank scam involving billionaire jeweler Nirav Modi. In February 2018, PNB disclosed that Nirav Modi allegedly defrauded the bank of Rs. 11,400 crore using fraudulent guarantees. Other Indian banks like Allahabad Bank and Union Bank of India were also involved through the SWIFT system. The document then provides background on Nirav Modi and analyzes the impact of the scam on customer perceptions of banking services and financial awareness. It outlines the scope and methodology of a study conducted among PNB account holders in Palwal to understand problems faced by customers after the scam.
Punjab National Bank was defrauded of $1.77 billion in a scam perpetrated by Nirav Modi, a diamond trader, and his associates. Modi fraudulently obtained letters of undertaking from PNB to secure loans from other banks without providing collateral. The fraud was detected in January 2018 when PNB officials noticed fraudulent transactions were not recorded properly. The scam has significantly impacted PNB and other public sector banks through loss of funds and declining share prices. Investigations into the fraud are ongoing along with efforts to recover funds from Modi's seized assets.
Introduction to Banking, Evolution of Banking, History of Banking system, Route map from traditional banking to Modern banking, Modern Banking system and its evolution, Growth of Indian Banking System
Role of Auditors in Punjab National Bank ScamGurbaniLuthra
1. Several auditing firms failed to detect the massive Rs 14,000 crore fraud at Punjab National Bank, with the internal chief auditor especially culpable.
2. Management failures like not linking SWIFT transactions to the core banking system and not rotating employees contributed to the scam going undetected.
3. The scam occurred over 7 years as fraudulent LoUs were issued to Nirav Modi's firms without collateral, bypassing checks. This allowed them to raise loans from other banks.
4. Auditors like Suri & Co, SPMG & Company, and MKPS & Associates had roles auditing the bank but failed to find the fraud. Assets worth billions have since been seized from
Indian currency notes contain several interesting facts:
- They are made of cotton and rag rather than paper for security.
- They have 15 regional languages plus English and Hindi.
- Different denominations feature different landmarks, such as the Red Fort on the Rs. 500 note.
- Coins have mint marks indicating where they were made, such as a star for Hyderabad.
Axis Bank rebranded itself from UTI Bank in 2007 for three main reasons: they had to give up the UTI name after 13 years of using it as they were not willing to accept terms from UTI AMC, including paying royalty fees; the recommendation to change the name came from brand confusion generated by other unrelated entities using the UTI brand; and the name UTI Bank implied it was a government bank so they wanted their own unique brand identity. The bank spent around Rs. 50 crore on the rebranding exercise, hiring advertising firm Ogilvy & Mather to design and implement the new Axis Bank brand, including a new logo depicting a strong growth path supported by a strong base.
Axis Bank was incorporated as UTI Bank in 1994 and has since grown to become one of the largest private sector banks in India. It has over 1035 branches across 30 states and union territories in India as well as international offices in Singapore, China, Hong Kong, and Dubai. The bank analyzes its performance using various financial ratios that measure profitability, leverage, liquidity, and payouts. These ratios indicate that between 2008-2012 the bank improved its earnings, returns, and ability to cover costs and debts while maintaining adequate current assets to meet short-term obligations.
Axis Bank is one of India's largest private sector banks. It was established in 1994 under the name UTI Bank and later changed its name to Axis Bank in 2007. Axis Bank offers various personal and corporate banking services, and has over 500 billion USD in total assets. It has over 42,000 employees and over 3,000 branches across India.
Nirav Modi, an Indian billionaire jewellery designer, is at the center of a Rs. 11,400 crore fraud involving the state-run Punjab National Bank. The bank detected fraudulent transactions using fake Letters of Undertaking at its Mumbai branch. Three main perpetrators - Nirav Modi, his uncle Mehul Choksi, and several PNB officers including Gokulnath Shetty are being investigated for criminal conspiracy and breach of regulations. Separately, Vikram Kothari, chairman of Kanpur-based Rotomac Global, has been accused of defaulting on over Rs 800 crore in loans from multiple state banks through alleged siphoning of funds and willful loan defaults. Both
This document provides an overview of the origin and development of banking in India. It discusses the history of banks in India dating back to the 18th century with the establishment of banks like Bank of Hindustan and presidency banks. It then covers the nationalization of banks in India in 1969 and 1980. The document also defines key banking terms like banks, characteristics of banks, and functions of banks such as accepting deposits and lending funds. It provides context on the various types of banks that operate in India and how the banking system works.
According to the Banking Companies Act of 1949, a bank is defined as an institution that accepts deposits from the public, repayable on demand or otherwise, and uses those deposits to lend money or make investments. The document then lists different types of banks in India such as commercial banks, cooperative banks, rural cooperative banks, urban cooperative banks, the State Bank of India and its associates, nationalized banks, foreign banks, regional rural banks, and non-scheduled banks. It also lists some modern banking technologies and services used by banks like core banking solutions, customer relationship management, electronic funds transfer, electronic clearing services, any branch banking, risk management, ATMs, card management, and mobile banking.
1. The document is a revised master circular from the Reserve Bank of India providing instructions to all banks on the facility for exchanging notes and coins.
2. It requires all bank branches to actively provide customers the services of issuing fresh notes and coins, exchanging soiled/defective notes, and accepting coins and notes for transactions or exchange without discrimination.
3. The circular details rules and guidelines for banks on accepting different types of notes - such as mutilated, extremely brittle, or politically-marked notes - as well as delegating powers to bank branches to exchange mutilated notes for the convenience of the public.
Let's take a look at each type:
Commodity money - Money that has intrinsic value, like gold, silver, etc.
Representative money - Money that represents value of a commodity, like paper notes representing gold.
Fiat money - Money without intrinsic value established by government order, like modern paper currency.
Currency - Notes and coins issued and backed by central banks as legal tender.
Commercial bank money - Deposits created by commercial banks through lending, like checking accounts.
Vol. 1.1-4n4
Banking history began with the first prototype bank. They are the merchants of the world who give grain to farmers and the merchants who transport goods among cities. This happened in the year 2000 BC. Assyria, in India, summer. Later, in the days of the ancient Greeks and Romans, temple moneylenders made loans by taking deposits and exchanging money.
The document provides an overview of the Indian banking system. It discusses the history and evolution of banking in India from the establishment of the first bank in 1786 to the current system. It describes the key components of the current banking system including the Reserve Bank of India (RBI), scheduled commercial banks, cooperative banks, and tools used by RBI to regulate the system like cash reserve ratio, repo rate, and statutory liquidity ratio. The banking system has transitioned India to a strong economy with robust banking.
The document provides an overview of the banking industry in India. It discusses the history and evolution of banking in India from the earliest banks established in the late 18th century to the modern banking system. It describes the key types of banks that operate in India including central banks, commercial banks (public sector banks, private sector banks, and foreign banks), cooperative banks, and development banks. It also outlines the major products and services offered by banks, including accepting deposits and granting loans and advances.
The document provides an overview of the banking system in India. It discusses the origins and evolution of banking in India from money lenders to the establishment of the Reserve Bank of India in 1935. Key events include the nationalization of major private banks in 1969 and 1980 to promote financial inclusion and priority sector lending. The banking sector was further reformed in the 1990s on the recommendations of the Narasimham Committee, liberalizing and opening the sector to private and foreign banks. Today the Indian banking sector is dominated by public sector, private sector, and foreign banks and has grown but still faces challenges of furthering financial inclusion across India.
The document discusses the history and evolution of banking, particularly public banks. It begins with the origins of the word "bank" in Italian and German. It then covers the emergence of banking in medieval Italy and some of the earliest banks. The document defines public sector banks as those that are government-owned and have a social welfare mandate in addition to profit. It provides examples of major public sector banks in India like the State Bank of India and how they have modernized and expanded their services.
Banking originated as early as 2000 BC in ancient Mesopotamia. In India, banking transactions predate money and the use of adesha, an early bill of exchange, has been traced back to 321-185 BC. Banking in India originated in the 18th century and was established by agencies like the Bank of Hindustan and Bank of Bengal. Major developments include nationalization in 1969 and liberalization in 1990. The document discusses the history and evolution of banking in India including the establishment of public, private and foreign banks. It also analyzes performance trends, best practices and winning strategies for different bank categories.
The document provides an overview of the history and development of banking in India. It discusses [1] the origins of banking tracing back to Vedic times, [2] the three phases of banking in India from the colonial era to post-independence reforms, and [3] the current structure and types of banks that operate in India including commercial banks, development banks, and cooperative banks.
A study on scope of foreign banks in indiaAnchal Mathur
This document provides an overview of the scope of foreign banks in India. It begins with introducing foreign banks and their history in India. It then discusses key foreign banks operating in India like Citibank, HSBC, and Standard Chartered Bank. The document also covers the regulatory framework for foreign banks in India and how it has evolved. It concludes with providing details about specific foreign banks like ABN AMRO Bank and Royal Bank of Scotland, including their operations and products offered in India.
The document summarizes the key aspects of the money market in India. It defines the money market as the market for short-term debt instruments with maturities of up to one year. It then describes the major participants like commercial banks, Reserve Bank of India, development banks, cooperative banks, and indigenous money lenders. The document also outlines the characteristics of the money market and how it consists of organized and unorganized sectors that facilitate short-term lending and borrowing activities.
Banking originated around 2000 BC in ancient Mesopotamia where merchants made grain loans, and later in ancient Greece and Rome where temples made loans and accepted deposits; the origins of modern banking can be traced to medieval and Renaissance Italy where wealthy families like the Medicis operated banks; the document then defines banks, outlines their various types and functions including accepting deposits, lending, and more recent electronic banking services.
Banking history types services Revolution by bhushankBhushan Kasture
This document discusses the history and types of banking in India. It notes that 76% of Indians are not financially literate according to an S&P survey. It then provides information on the key laws governing banking in India - the Reserve Bank of India Act of 1934 and the Banking Regulation Act of 1949.
It discusses the origins of banking dating back to 2000 BC in ancient Assyria and Babylonia. It also outlines the various types of banks in India including central banks, commercial banks, cooperative banks, development banks, and investment/merchant banks. For each type of bank, it provides details on their roles and functions. In conclusion, it emphasizes how technology and e-banking have revolutionized the Indian
A study on customer satisfaction towards e banking services during 2nd waves ...vinodgowdavinod9743
A study on customer satisfaction towards e banking services during 2nd waves of COVID-19 pandemic situation with special reference to state Bank of India
The document provides an overview of the Indian banking industry, outlining its history and evolution over three phases:
1) Early phase from 1786-1969 with the establishment of the first banks and a slow growth period.
2) Nationalization phase from 1969-1991 where the government nationalized major private banks to increase accessibility.
3) Post-1991 liberalization phase where reforms increased competition and modernized services through new technology.
The industry is now diverse with public, private, and specialized banks serving both rural and urban customers across India.
Banking Functions and Types of Banks in Indiainfantemiliya
This document discusses the functions of banks and types of banks in India. It outlines the major functions of banks as accepting deposits, providing loans, facilitating payments and settlements, currency exchange, safekeeping valuables, and providing investment services. It then describes the main types of banks in India, including the central bank (Reserve Bank of India), commercial banks (public sector banks, private sector banks, foreign banks, and regional rural banks), payment banks, small finance banks, scheduled banks, and non-scheduled banks. Several examples are provided for each type of bank.
This document provides an overview of banks in India. It discusses the concept and history of banking, the role and functions of the Reserve Bank of India as the central bank, different types of banks in India including public sector, private sector and foreign banks, the market structure and top banks. It also describes the services provided by banks, payment facilities like debit/credit cards, growth trends in the banking sector and some key benchmarks.
The banking system in India evolved over centuries, with references to moneylending and creditors found as far back as 400 BC. Indigenous bankers operated in India throughout this period, though most did not accept deposits. The foundations of the modern Indian banking system were laid prior to independence, with the establishment of the first joint-stock banks in major cities in the 18th-19th centuries. After independence, the government nationalized major banks to facilitate planned economic development and increase lending in rural areas.
The document provides an overview of the banking system in Sri Lanka. It discusses the four major types of banks: commercial banks, savings banks, merchant banks, and investment banks. For each type, it provides examples from Sri Lanka, describes their functions, and in some cases highlights specific banks like the National Savings Bank, Merchant Bank of Sri Lanka, and National Development Bank. It also discusses the role of the Central Bank of Sri Lanka in overseeing the country's banking sector.
1.1.1 Historical aspects of Banking in India.pptxRanaPratap75
The document provides an overview of the history of banking in India from 1786 to present day. It discusses the pre-independence phase which began with the establishment of the Bank of Calcutta in 1786. After independence in 1947, the banking system grew to include nationalization of banks in 1969 and 1991, establishment of rural banks, and liberalization that allowed private banks. The banking system has evolved significantly over time to play a vital role in India's economic development and serving the public.
Funancial Quest Season 1 - AccomplishmentsFunancialQuest
The goal of Funancial Quest is to create a generation of more financially aware youth in India, so that the financial independence and success of the country is assured.
This document is from the National Stock Exchange of India and is advertising an upcoming online course module. Module 7 of an online course on financialquest.com will be coming soon. The document provides the website for the course as well as a volume number.
This document is from the National Stock Exchange of India and is advertising an upcoming online course module. Module 6 of an online course on financialquest.com will be coming soon. The document provides the website for the course as well as a volume number.
This document is from the National Stock Exchange of India and is advertising an upcoming online course module on their website www.funancialquest.com. The module, titled "Online Course Module 5", will be coming soon to the site. The document provides the website, title of the module, and a copyright notice from the National Stock Exchange of India.
This document is a 20-minute online module about investing from the website www.funancialquest.com. It covers topics like saving, saving vs investing, investment instruments, and basic investment terms. The module contains explanations and examples of different savings and investment options like stocks, mutual funds, bonds, insurance, and public provident funds. It also defines common financial terms used in investing. The document aims to educate users about basic personal finance concepts.
This document is a 30-minute online module that discusses the difference between needs and wants. It defines needs as things necessary for survival like food and shelter, while wants are non-essential items beyond needs. The module emphasizes balancing needs and wants, prioritizing needs over wants, and thinking carefully before purchasing items to avoid overspending on wants. It provides examples to illustrate needs versus wants and concludes by recapping the key lessons around understanding and distinguishing between needs and wants.
This document is from the National Stock Exchange of India and is advertising an upcoming online course module on their website www.funancialquest.com. The module, labeled as Module 8, is noted as "Coming Soon" with a volume number of 1.1-4n4 listed at the bottom.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
How to Fix the Import Error in the Odoo 17Celine George
An import error occurs when a program fails to import a module or library, disrupting its execution. In languages like Python, this issue arises when the specified module cannot be found or accessed, hindering the program's functionality. Resolving import errors is crucial for maintaining smooth software operation and uninterrupted development processes.
Thinking of getting a dog? Be aware that breeds like Pit Bulls, Rottweilers, and German Shepherds can be loyal and dangerous. Proper training and socialization are crucial to preventing aggressive behaviors. Ensure safety by understanding their needs and always supervising interactions. Stay safe, and enjoy your furry friends!
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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Training: ISO/IEC 27001 Information Security Management System - EN | PECB
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The simplified electron and muon model, Oscillating Spacetime: The Foundation...RitikBhardwaj56
Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
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Executive Directors Chat Leveraging AI for Diversity, Equity, and InclusionTechSoup
Let’s explore the intersection of technology and equity in the final session of our DEI series. Discover how AI tools, like ChatGPT, can be used to support and enhance your nonprofit's DEI initiatives. Participants will gain insights into practical AI applications and get tips for leveraging technology to advance their DEI goals.