Banking

Banking refers to the collection of activities that comprises of collecting deposits in fixed, recurring, current, and savings accounts and investing the sum accumulated from the various deposits in to securities and other forms of investment and pay interest for all deposits as agreed upon to the client or the account holder.

Banking also uses a part of the treasury in giving loans to people and earning interest revenues from them. To be precise, banking deals with every facet of money and transactions between accounts of the same bank and between accounts of different countries.

Banking is becoming a global activity after the coming of the internet. In fact, banking money is becoming easier and quicker after improvement in technology. Previous to the coming of the internet banking was practiced globally with transferring and exchanging currencies between countries, but all proceedings were cumbersome, time consuming and involved a lot of waiting. Banking is no more a waiting process these days.

All of the banking proceedings ranging from making payments, withdrawals, money transfers, currency conversions, availing a loan, paying back a loan is all revolutionized and quick. And record maintenance has never been so easier than now.

The cornerstone of banking is mainly the accurate recording of transactions being made. All one requires is to have an internet banking user id and password. You need to just log in to your account and have your statements printed out. Traditionally, it was lot of requiring a requisition letter and waiting and approval and paying money for statements and kind of things.

Banking in terms of fund transfer is becoming easier too. You need to just log in to your account, register the payee account information, key in the money you would like to pay them, type in your transaction password, followed by a captcha code and there your money gets transferred instantly and your deposit confirmation comes to your mobile as SMS or to your email and also it gets automatically updated in your account information sheet.

Modern banking has facilitated online loans to a major extent. The electronic payment system is another big gift of modern banking where you can automate your payment towards you loans without suffering the pain of forgetting to pay. Also, you can register for bill payment schemes to pay your utility bills for free. All you need to do is deposit money in to you bank and you bank takes care of paying your bills and dues on time. You can monitor everything right from home! And, that is modern banking all about.