Saturday, July 3, 2010
SBI launches green channel counter facility at 51 branches
Taking a step towards paperless 'Green Banking' for deposit, withdrawal and remittance transactions, State Bank of India (SBI), the country’s largest public sector Bank launched its ‘Green Channel Counter’ facility today to mark its 204th birthday. The newly rolled out facility would ease transactions for customers at SBI branches. The customer need not fill up any pay-in slips or draw cheque for depositing or withdrawing money from their accounts, saving paper and thereby contributing to the concept of "Green Banking".
What is a bank
While walking on the streets of any town or city you might have seen some signboard on buildings with names – Canara bank, Punjab national bank, State bank of India, Commercial bank, etc. what do these names stand for?
Did you ever try to know about them? If you ever enter such building you will find some kind of a business office. You will see some employees sitting behind counters dealing with visitors standing in front of them you will find that some are depositing money at one counter while some are receiving money at other counter behind the counters of office you will see tables and chairs occupied by officers. On one side of the office you will also see a chamber (small partitioned room) where the manager is sitting with papers on his tables this is office of a ‘Bank’
Did you ever try to know about them? If you ever enter such building you will find some kind of a business office. You will see some employees sitting behind counters dealing with visitors standing in front of them you will find that some are depositing money at one counter while some are receiving money at other counter behind the counters of office you will see tables and chairs occupied by officers. On one side of the office you will also see a chamber (small partitioned room) where the manager is sitting with papers on his tables this is office of a ‘Bank’
Banking System
What is a Banking System ?
A system of trading in money which involved safeguarding deposits and making funds available for borrowers, banking developed in the Middle Ages in response to the growing need for credit in commerce. The lending functions of banks were undertaken in England by money- lenders. Until their expulsion by Edward I in 1291, the most important money-lenders were Jews. They were replaced by Italian merchants who had papal dispensations to lend money at interest. In the 13th cent. credit was essential to finance commerce and major projects. The most important was the wool trade but other examples included large buildings such as Edward's castles in north Wales. When Italians had their activities in England curtailed in the early 14th cent., they were replaced by English merchants and goldsmiths, whose rates of interest were sufficiently low to avoid the usury laws.
A system of trading in money which involved safeguarding deposits and making funds available for borrowers, banking developed in the Middle Ages in response to the growing need for credit in commerce. The lending functions of banks were undertaken in England by money- lenders. Until their expulsion by Edward I in 1291, the most important money-lenders were Jews. They were replaced by Italian merchants who had papal dispensations to lend money at interest. In the 13th cent. credit was essential to finance commerce and major projects. The most important was the wool trade but other examples included large buildings such as Edward's castles in north Wales. When Italians had their activities in England curtailed in the early 14th cent., they were replaced by English merchants and goldsmiths, whose rates of interest were sufficiently low to avoid the usury laws.
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