The word BANK – anyone who listens to it, reads it or sees it, thinks about one thing only i.e. Money. People who have an excess of it, they need a bank to deposit the same and on the other hand, anyone who is short of funds again relies upon the bank only. Banking in one or the other form has been in practice since ancient times whether in the shape of Grain Loans or Gold Deposits with temples or the money lenders at the micro-level.
From ancient times to the modern era, banking has seen various ups and downs, various regulations, various developments and various forms of banking. From Sahukars to the Hi-Tech model of banking, where everything related to money is becoming transparent, banking has seen lots of changes at every stage. Banking has become an integral part of every stratum of society. Affordable banking to Exclusive banking, various options are available to cater to the day-to-day needs of every section of society. The rich and the poor, all need banking to perform their economic activities.
In today’s scenario, Banking is the real mirror of the economy of any country, where it reflects the actual movement of any economic activity. The various monetary and fiscal policies move around banking only and are required to regulate the market. There are many bank placement courses, which helps individuals to make their career in the banking sector.
Banking is taking new avatar every day in various forms of digitalization and making it convenient for everyone to use banking at their own ease. Banking has entered into everyone’s pocket in electronic form and replacing the requirement of physical cash. E-wallet, E-banking, E-transfers are becoming the essentials of life and economy.
Let us all keep pace with the changing phases of banking, as the Change is the law of Nature.
Narinder Pal Singh
IPB Amritsar
