The economic development of a country depends on factors like industrial development, agriculture modernization, internal trade organisation and foreign trade expansion. These are entirely different areas and have no direct relations but still, one effects the others development. Its banking that connects them all. Banking makes all different threads work for each others development indirectly by the circulation of same money. Banking can be defined as the business activity of accepting deposits and lending money which is then used for the purpose of lending to some other party or investment of those deposits repayable on demand and can be withdrawn whenever needed by cheque, draft and so on. Banking has evolved over a period of time and as of now, its growing at an exponential rate because of the increasing products and transactions. However with the passage of time, activities covered by banking have widened and there are plenty other services offered by banks now. Issuance of debit and credit cards, providing safe custody of valuable things, ATM and online banking services have not only promised the client convenience but also increased the annual profit of the banks.
No doubt banking business has done wonders to world economy. This simple looking method of accepting and lending of money encourages the flow of money from the surplus to the needy, productive use and investments which in turn allows economy to grow. Without banking, savings would sit in the houses, idle and people dreaming to own their assets would not be able to purchase it in absence of capital. Few main functions of a bank are: Accepting deposits, Granting loans, Discounting bills, granting advances like Cash draft or Overdraft etc. There are two categories in which a bank can fall. It can be a private bank or a public or govt. bank. Further according to the work performed and services offered,banking industry can be categorized as:
€ Retail banks
€ Commercial banks
€ Cooperative banks
€ Investment Banks
€ Specialized banks
€ Central Bank
Not to mention, there are various career opportunities in the vast field of banking. As banking is taking up different works in this developing world,employees to perform that work are also in high demand. One can select his field of interest and can enter into banking. It is closely related to terms in finance and accounts.
very much into hiring fresh candidates. There are various institutes providing coaching for these highly competitive banking exams to qualify P.O and clerk posts. Many institutes and coaching centres in and around Delhi itself have emerged seeing the necessity to provide candidates with skills to get into banking. So, if one really wants to get into banking, one has so many doors to enter into this world that keeps hold on development.