The bank is an institute which deals with money and credit. It accepts deposits from the public, next the fund available to those who needs it and helps in remittance of money from one place to other. A modern bank performs variety of function so it is difficult to define a bank in a single word. So, bank is defined by different economist differently. In the words of Walter Leaf, “A bank is a person or corporation who is always ready to receive money in deposits to be returned against the cheques of their depositors.”
Growther defined bank as, “An institution which collets money from those who have it, out of their income and lend this money out of those who require it.”
Have a question? Ask us in our discussion forum.