Redefining the banking operations rather differently

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Redefining the banking operations rather differently

Post by daniel on Mon 23 Nov 2009 - 5:28

According
to the Oxford English Dictionary, a Bank is, “An establishment for the custody
of money, received from or on behalf of, its customers. Its essential duty is the payment of the
orders given on it by the customers; its profit is generated mainly from the
investment of money left unused by them.”






In Charles
Woolfell’s Encyclopedia of Banking and Finance, “A Bank is any organization engaged
in any or all of the various functions of banking, i.e., receiving, collecting,
transferring, paying, lending, investing, dealing, exchanging and servicing
(safe deposit, custodianship, agency, trusteeship) money in response to claims
to money both domestically and internationally”.






While
defining the meaning of a bank, the Knnetu Toft wrote, “It is not easy to give
a precise definition for the word ‘bank’ . . . . for our purpose it is
sufficient to say that an organization is called a bank if its activities are
normally associated with banking.”






The term
banking has been defined by Prof. Crowther as, “It is institution which
collects money from those who have it to spare or who are saving it out of
their income and lends this money to those who require it.”






According
to the Banking Regulation Act, a banking company has been defined as, “A
Banking Company means any company which transacts the business of banking in
the country.” It further states that,
“Banking means accepting money as deposits from the public for the purpose of
lending or investment, which are repayable on demand or otherwise and can be
withdrawn through cheques, drafts, and orders or otherwise.”






Certain
banks in the United States
have totally redefined the concept of banking.
Here it is apt to mention the firm LoanMax.
rod aycox ,
a visionary has initiated a different model and has made great strides within a
short span of time. From humble
beginnings, this firm has now continuously expanded its operations into more
than 20 states. Redefining the banking
process in a country like the United
States is no mean thing, but Rod Aycox has
achieved a rare feat.

daniel

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Registration date : 2009-11-23

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