Banks are just like commission agent. But, there are many differences between bank and commission agent. Bank secures the small saving of people and also provides interest on these savings. Bank uses this fund for productive area by providing loan to industries at cheap rates. Bank has very important role in economy. If we forget one exception of Swiss bank that saves black money, then we find bank as social worker for society. It is service area and it is very helpful to reduce cash in hand. By depositing fund daily in banks, businessman can sleep without tension. Every bank does his work under the strict rules and regulation of Central bank of every country. Central bank is just like boss but it works with co-ordination and co-operation. It can control credit by just applying different decisions.

Do you know?

1. In USA, banks can not do non financial activities. I try to make you understand. In USA bank can save the fund and give loan but it can not contract with any company for doing non financial activities or not do itself.
2. Earlier, I did not know that banks of Germany are allowed to do all non-financial activities with their financial activities.
3. Most of banks of France are providing the service of insurance.
4. System of bank accounting is so quick. After every transaction in the form of deposit money in bank or withdraw, you can find your bank balance through your pass book. After deposit money in bank, bank will credit your amount because, it is the liability of bank but it will increase your asset and if you withdraw the amount bank will debit the amount because, with this bank’s liability will reduce.

Functions of Bank

1. Bank provides overdraft and short term loan facility.
2. It also provide Safe deposit boxes to secure valuable possessions, such as gemstones, precious metals, currency, marketable securities, or important documents such as wills property deeds and birth certificates that need protection from theft, fire, flood, tampering or other reasons.
3. It also issues the bank draft and bank cheque on the request of customers.
4. It also gives the services of currency exchange. You can go to any bank and change your foreign currency into your country’s currency. For these services bank takes some commission.
5. Bank also sells the financial products.

Advance Techniques which are using in banks

1. Almost all banks are using Finacle software for bank accounting.
2. Banks have opened large number of ATM branches for fast payment to customers anytime and anyplace.
3. Mobile banking and Telephone banking.
4. Video banking and videoconference.
5. Online banking under secure website.

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Accounting Education: Bank
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