State Bank of India

Bank is the financial institution that works to collect money from the public and provide loans to the public. People collect their savings in the form of security or earn interest in these institutions and keep them from time to time as required. Banks thus earn interest from the amount received from the deposits by giving loans to traders and businessmen. Bank and banking system is considered to be an essential requirement for the development of agriculture, industry and trade in the present era of economic planning.nnIn addition to depositing the amount and providing the loan, the bank also does other things like collecting deposits of precious jewelery from the people for their safety, collecting their checks for their customers, cutting business bills, doing agency work, Knowing the financial condition of customers in a secret way. Thus, the banks do not only carry currency but also behave in credit. That is why the bank is also called the creator of credit. Banks focus on the scattered and insignificant property of the country in the work of production in the country, which encourages capital formation and helps in the progress of production.nnThe definition of bank under the Indian Banking Companies Act, 1949, is given in the following words:nnTo lend money and to collect the amount from the general public for appropriation and to pay by the checks, drafts and orders, payment of that amount is called a banking business and this institution is called a bank.nnFor the same bank, it is difficult or impossible to make proper financing of trade, commerce, industry and agriculture. Therefore, different banks are set up for specific tasks like Business Bank, Agricultural Bank, Industrial Bank, Foreign Exchange Bank and Savings Bank. There is a central bank to run these types of banks regularly and maintain mutual synergy in them, which operates the banking system across the country.nnOver time, many other financial activities have been added. For example banks are important players in financial markets and offering financial services like investment funds. Banks in some countries (such as Germany) are the primary owners of industrial corporations, while in other countries (such as the United States) the banks are prohibited from non-financial companies themselves. In Japan, the bank is generally recognized as a cross-holding holding unit (Zaibatsu). Most banks in France provide insurance services to their customers

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