A bank is a financial institution that accepts deposits from the public and creates credit. Lending activities can be performed either directly or indirectly through capital markets. Due to their importance in the financial stability of a country, banks are highly regulated in most countries. Most nations have institutionalized a system known as fractional reserve banking under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, known as the Basel Accords.
Banking in its modern sense evolved in the 14th century in the prosperous cities of Renaissance Italy but in many ways was a continuation of ideas and concepts of credit and lending that had their roots in the ancient world. In the history of banking, a number of banking dynasties – notably, the Medicis, the Fuggers, the Welsers, the Berenbergs and the Rothschilds – have played a central role over many centuries. The oldest existing retail bank is Banca Monte dei Paschi di Siena, while the oldest existing merchant bank is Berenberg Bank.
History Of Cooperative Banks
The commercial Banks were operating for the years, but it was being felt that these banks were not paying necessary head to the credit requirements of common masses. Further the commercial banks, were mainly concentrating their business in the urban area and the banking facilities to rural people were not available consequently, the Co-operative Banks came into picture after 1904. Himachal Pradesh has the distinction of having first Coop. Society Registered in India. Cooperative were primarily visualized as specialized agency for financing the credit requirement of rural people in the country particularly agriculture.
All the branches of the bank remain open for six days a week with full day banking service on Saturday. For the convenience of its customers it is having agency arrangement with HDFC Bank which enables the bank to issue Demand Drafts on HDFC branches across the country, to arrange collection of out-station cheques within a week or ten days. Bank is also maintaining C-SGL A/c with HDFC and also participates in the non-competitive bids of RBI for the purchased of Govt. Securities.
The Kangra Cooperative Bank Ltd. started in a very humble way as a small Thrift/Credit Society in March, 1960 by a few friends of Distt. Kangra of Himachal to help out the people of Himachal residing in Delhi to uplift their economic conditions and tide over the financial hardships. Dedication, sincerity and honesty of these members/associates brought rich fruits and this Thrift/Credit Society grew up into a big society within twelve years after its formation and successful running was converted into a primary urban Cooperative Bank in 1972 by RBI and was permitted to carry out banking activities including acceptance of deposits from public (nonmembers) by opening their Saving, Current and RD A/c’s.
Twenty three years there from in June 1995 it was granted a license to carry out the banking business by the Reserve Bank of India. Thereafter, it was granted license to open branches and consequently six more branches were added in February, May, December 1996, June 1998, October 2008 and the last one in July 2009. In May 1970 it purchased Paharganj building and reconstructed the same in 1993. In October, 1997 it purchased the present premises at Janakpuri to set up administrative and HO. Central accounts and Personnel department are functioning from this building. It has a board meeting room. One branch also functions here. The main branch along with its service branch, arbitration and recovery department is situated in its own three storied building at Paharganj. It purchased another Building in April 2008 At Jagatpuri where its one of the existing Branches has already been functioning.
Title – A Project Report On Consumer Perception Towards Interest Rates Of Kcc Bank In Gaggal Region
Author – Abhishek Kardval
College – Govt. Post Graduate College Dharamshala
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