Entity: BANK
A bank is an establishment that provides financial services such as storing money, lending, and facilitating transactions. It can also refer to a sum of money or a financial institution that accepts deposits and offers loans.
BANK
Etymology
The term 'bank' originates from various sources, including the Old Italian 'banca' meaning 'bench' or 'counter,' where moneylenders conducted business.
Definition
A bank is an organization that offers financial services such as storing money, lending, and facilitating transactions. It serves as a custodian of funds, provides credit to individuals and businesses, and enables the transfer of funds.
Historical Context
Banks have existed for centuries, evolving from simple moneylenders to complex financial institutions. The concept of banking dates back to ancient civilizations such as Mesopotamia and Egypt.
Cultural Significance
Banks play a crucial role in modern economies by providing capital for investment, facilitating commerce, and promoting economic growth. They are central to the functioning of financial systems worldwide.
Related Concepts
- Banking
- Financial institutions
- Credit unions
See Also
- Finance
- Money
- Investment
An organization that offers financial services such as storing money, lending, and facilitating transactions.