Islamic Banking in India: Prospects and Challenges
Bank as is understood in general terms is a depositor or lender for the safekeeping of money.
With the changing times banks are performing a host of other financial services like
insurance, mutual funds, securities, etc. It is important to look at some definitions of
banks to understand the concept of bank.
"An institution that provides a great variety of financial services. At their most basic, banks
hold money on behalf of customers, which is payable on demand, either by appearing at
the bank for a withdrawal or by writing a check to a third party. Banks use the money they
hold to finance loans, which they make to businesses and individuals to pay for
operations, mortgages, education expenses, and any number of things. Many banks also perform
other services for a fee; for instance they offer certified checks to customers
guaranteeing payment to third parties. In some countries they may provide investment and
insurance services. With the exception of Zero Interest based banks, they pay interest on
deposits and receive interest on their loans. Banks are regulated by the laws and central banks
of their home countries; normally they must receive a charter to engage in business. Banks
are usually organized as corporations." (Farlex financial dictionary- Bank)
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