Mechanical Banking System – A Panacea

Abstract

Despite having had a so much of disparity in life the mankind which overcomes all constraints with the help of the repository of knowledge. Now being at the apex in terms of scientific technological development. The history of banking dates back to 2000 BC when. In Assyria and Babylonia, the first prototype, of merchants in the ancient world made grain loans to farmers and traders who carried goods between cities. Later during the ancient Greece and Roman Empire, lenders in temples made loans and undertook two important activities of a bank, viz; accepting deposits and making loans. Similarly, archaeological evidence from India and China showed that India and China both were engaged in lending activity. The Banking Regulation Act,1949, defines bank as ‘a banking company which transacts the business of banking in India, accepting, for the purpose of lending or investment,of deposits of money from the public. Interest income is the primary source of revenue at a traditional commercial bank, but it is supplemented by the fee income that the bank earns by providing noninterest financial services to its relationship banking customers. They were the original financialintermediaries to offer checking accounts. They owned the big buildings with marble pillars outside and oodles of cash stashed in vaults inside. They had the word "Bank" in their titles. Automatic Teller Machines enables the customer to draw cash even during non-banking hours with the help of a plastic card provided by the bank. Based on the inputs of Digital Cards, the machine verifies promptly after it transactions are being made through the internet and the real time transactions is notified digital adoptions is welcome by one and all for the speedy transactions.