Definitions

Question 1

Banking:

Answer 1

Accepting for the purpose of lending or investent
of deposits of money from the public
repayable on demand or otherwise
and
withdrawal by cheque, draft, order or otherwise
- Banking regulation acit, 1949

Question 2

Bank:
Kingsley:

Answer 2

Bank is an establishment
which makes to individuals such advances of money
as may be requied and safely made
and to which individuals entrust money
when not required by them for use

Question 3

Bank:

R.P.Kent:

Answer 3

Bank is an organization
whse prinicpal operations are conerned with
the accumulation of temporarily idle money of the general public
for the purpose of advancing to others for expenditure

Question 4

Central Bank:

Vera smith:

Answer 4

The primary function of central banking is a banking system in which a single bank has either complete or residual monopoly of note issue

It was out of the monopoly in the note issue that were derived the secondary functions and charectaristics of central banking

Question 5

Central Bank:

Kent:

Answer 5

An institiution which is charges with the responsibility of managing the expansion and contraction of volume of money in the interest of general public welfare.

Question 6

-

Answer 6

-