Therefore, the English Agency Houses, which were primarily commercial undertakings, began to conduct banking business also, so as to meet the needs of the company, the members of the services, and the European merchants in India.During the Mughal rule, the indigenous bankers did the profitable business of money-changing and most important among them were appointed mint — officers, revenue collectors, bankers, and money-changers to the Government. These bankers could not, however, develop the system of obtaining deposits regularly from the public and those, who made savings, either hoarded or lent them to friends and neighbours.The English traders could not make much use of the indigenous bankers, firstly, because of the language difficulty and secondly, because Indian bankers lacked experience of the finance of European trade.Kautalya’s Arthshastra generally prescribed 16-8% rate of interest except when the risk was extra-ordinarily high. There is also evidence to prove that deposit banking in some form had come into existence by the Second or Third century of the Christian era.The second essential function relates to the use of deposits. They are used for lending to others, and not for financing its own business of any kind (say manufacturing or trade)There is both literary and epigraphical evidence establishing the antiquity of Indian banking. In Vedic literature, there are references to credit transactions. The Buddhist Jatakas of the 5th and 6th centuries B.C. make mention of money­lenders while Manu Samriti contains separate chapter on “Recovery of Debt” and “Deposits and Pledges.”The former is its unique or most distinctive function.Acceptance of chequable deposits (of money) from the public The above discussion implies that neither of the functions alone is sufficient to earn an institution the status of a bank (in the modem sense of the term). Thus, acceptance, of chequable deposits from the public is only a necessary, but not a -sufficient, function of a bank. It must also lend to others. For this reason, Post Office savings banks are not banks in the accepted sense of a bank, even though some of them accept chequable deposits.The reason they are not banks in the ordinary sense of the term (and are called savings banks) is that they do not perform the other essential function of a bank—that of lending to others. The Post Office savings banks are run as departmental agencies of the Central Government, and all the funds deposited with them are in fact lent to the Government, their owner.Similarly, lending alone does not make a financial institution a bank. In fact, leaving out Post Office savings banks, all other financial institutions do the work of lending to others. But only those of them are banks that also accept chequable deposits them. All others are non-bank financial institutions. The examples are the LIC, UTI, the IDBI etc.Banks are said to be department stores of financial services as they render a wide variety of such services to their customers. The range of these services differs from bank to bank, depending mainly on the size and type of banks.A bank is an institution that accepts deposits of money from the public withdraw-able by cheque and used for lending.A bank is an institution that accepts deposits of money from the public withdraw-able by cheque and used for lending.So far we have highlighted only two of them, because, in combination, they are the necessary services which a bank as a bank must perform. They are also the two most important functions of a bank. We sum up briefly below the main services which banks in India generally perform. This should help appreciate the role which banks play in the economic life of the country.Acceptance of chequable deposits (of money) from the public A bank is an institution that accepts deposits of money from the public withdraw-able by cheque and used for lending.So far we have highlighted only two of them, because, in combination, they are the necessary services which a bank as a bank must perform. They are also the two most important functions of bank

This is a best bank in our area services also nice. Bank manager friendly solves all problems without any tension cashier also kind hearted. But some problem also there that is some time crowd and for cash withdraw have to spend almost one hour or half hour.Many People had opened their accounts.Thanks SBI so much.

Good helpful staff

Sbi branch - LU campus lucknow

Banking facility within Lucknow Universitys campus.

Lucknow University Campus branch.

Apni bank