By: C P Singh, Sr. Associate Editor-ICN
LUCKNOW: What was the concept conceived in the great minds of people who initially carved the word ” Banking ” . ?It became popular gradually and kept on percolating into the beings of people , rather becoming part and parcel of mankind.
People slowly started reaching into the Banking and then only this Great Banking dared to enter into the humanity.At the inception this Noble Theme of Banking was having only two legs to move in the world. One, take deposits from every one interested and pay them interest to keep them interested in Banking itself.
Two, the money so accumulated by such depositors, to be lent to the needy persons of the society, charging interest on the amount so lent.
These interests were so designed to suit the Banking as well as the society. Rates charged on loans were always more than those paid on the deposits. The difference so reached was used for operational expenses of Banking itself.
Time makes the things easy and time makes them complicated. As and as public used Banking they started generating interests in it. They started various demands on regular basis on Banking Sector, which generally these customer friendly organizations fulfilled .Here came the concept of Service Provider and Service user.
Various rules were framed for Banks and for the Public, which started taking shape of a Book called Laws of Banking.
Well followed by all concerned.
Time invents also. Practices prevailing in Banking Sector became more and more prominent , almost parallel to those of law.
Think Tanks, Law Makers and Prominents , sat together again and again as per their abilities and ethics and kept on amending these laws to reach upto their expectations .
The most prominent change then in it was the inclusion of Practices of Banking to sit at the side and Laws of Banking.
Then all the work started in terms of these Practices and Laws side by side. All the disputes were also taken up in the tune of these both.
The Books for them also got titled as ” The Practice and Law of Banking “Every Law was supported and supplemented by it’s related practice, in every book , in practice and in Court’s.
To be continued……..
