What do you mean by a bank?



According to Prof. Kinley, “A bank is an establishment which makes to individuals such advances of money or other means of payment as may be required and safely made and to which individuals entrust money or means of payment when not required by them for use.”
According to Crowther, “A banker is a dealer in debts, his own and of the other people.”
In the words of Justice Homes, “The real business of a banker is to obtain deposits of money which he may use for his own profit by lending it out again.”
According to H. L. Hart, “A banker is one who in the ordinary course of his business, receives money which he pays by honouring cheques of persons from whom or whose account he receives.” In the Banking Regulation Act, 1949 ‘Banking’ has been defined as—“The accepting for the purpose of lending or investment of deposits of money from the public repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise.”
All the definitions emphasise on the various functions of the bank. So, in simple words, a bank may be defined as “An institution which deals in money and credit for the purpose of achieving the social and economic goals of the business.”