Role of Gramin Bank in the Development of Agriculture Sector
BANK
The word “bank” is derived from the word “Bancus or Banque” that is bench. Jews, who were considered to be the early bankers, transacted their business on benches in the market. As early as 2000 BC Babylonians had developed a system of banks. In ancient Greece and Rome the practice of granting credit was widely prevalent/traces of credit by compensation and by transfer orders are found is Assyria, Phoenicia and Egypt before the system attained full development in Greece and Rome. The books of the old Sanskrit lawgiver, Manu are full of regulation governing credit. He speaks of judicial proceedings in which credit instruments were called for, interest of loans on bankers and even of the renewal of commercial papers.
In Rome, the bankers were called Argentarii, Mensarii or Caooybistoe, the banks were called Tebernoe aregentarioe. Some of the banks carried business on their own account and others were appointed by the government to receive the taxes. They used to transact their business on similar lines as those of the modern bankers. People used to settle their accounts with their creditors by giving a cheque or draft on the bank. If the creditors had also an account at the same bank, the account was settled by an order to make the transfer of such money from one name to another. To pay money by a draft was known as prescribere and rescribere and the draft was known as atributio. These bankers also received deposits and lent money. Loan banks were also common in Rome. From these loan banks the poor citizens received loans without paying interest. They lent money for a period of three or four years on the security of land.
During the early periods, although the banking business was mostly done by private individuals, many countries established public banks either for the purpose of facilitating commerce or to serve the government. The bank of Venice, established in 1157, is supposed to be the most ancient bank. Originally, it was not a bank in the modern
The word “bank” is derived from the word “Bancus or Banque” that is bench. Jews, who were considered to be the early bankers, transacted their business on benches in the market. As early as 2000 BC Babylonians had developed a system of banks. In ancient Greece and Rome the practice of granting credit was widely prevalent/traces of credit by compensation and by transfer orders are found is Assyria, Phoenicia and Egypt before the system attained full development in Greece and Rome. The books of the old Sanskrit lawgiver, Manu are full of regulation governing credit. He speaks of judicial proceedings in which credit instruments were called for, interest of loans on bankers and even of the renewal of commercial papers.
In Rome, the bankers were called Argentarii, Mensarii or Caooybistoe, the banks were called Tebernoe aregentarioe. Some of the banks carried business on their own account and others were appointed by the government to receive the taxes. They used to transact their business on similar lines as those of the modern bankers. People used to settle their accounts with their creditors by giving a cheque or draft on the bank. If the creditors had also an account at the same bank, the account was settled by an order to make the transfer of such money from one name to another. To pay money by a draft was known as prescribere and rescribere and the draft was known as atributio. These bankers also received deposits and lent money. Loan banks were also common in Rome. From these loan banks the poor citizens received loans without paying interest. They lent money for a period of three or four years on the security of land.
During the early periods, although the banking business was mostly done by private individuals, many countries established public banks either for the purpose of facilitating commerce or to serve the government. The bank of Venice, established in 1157, is supposed to be the most ancient bank. Originally, it was not a bank in the modern