The domain which deals with Money, customer accounts, Loans, Credits etc.
Types of Banks
- Retail Bank
- Investment Bank
- Commercial Bank
- Private Bank
- Digital Bank
Money is anything that is accepted as
- a medium of exchange
- a unit of monetary account
- a store of value can be used as money
What is Bank?
“Bank is a lawful organisation, which accepts deposits that can be withdrawn on demand. It also lends money to individuals and business houses that need it.
The other functions of Banks accept deposits from the general public as well as from the business community. Any one who saves money for future can deposit his savings in a bank.
Businessmen have income from sales out of which they have to make payment for expenses.
They can keep their earnings from sales safely deposited in banks to meet their expenses from time to time. Banks give two assurances to the depositors –
- a. Safety of deposit, and
- b. Withdrawal of deposit, whenever needed
The following are the list of products generally popular in any retail banking:
Who will regulate Banking system in United states?
U.S. banking regulation addresses privacy, disclosure, fraud prevention, anti-money laundering, anti-terrorism, anti-usury lending, and the promotion of lending to lower-income populations.
Some individual cities also enact their own financial regulation laws (for example, defining what constitutes usurious lending).
According to official Federal Reserve documentation, are to conduct the nation’s monetary policy, supervise and regulate banking institutions, maintain the stability of the financial system and provide financial services to depository institutions, the U.S. government, and foreign official institutions.
The key role of Federal deposit insurance
The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass–Steagall Act of 1933.
It provides deposit insurance, which guarantees the safety of deposits in member banks, up to $250,000 per depositor per bank.
The role of controller of currency
The Office of the Comptroller of the Currency is a U.S. federal agency established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States.
The key functionalities of commercial banks as follows:
For better or worse, we’ve lost the issuance of securities and active investment in securities as defining actions that a commercial bank cannot take.
Instead, we can look at the actions all commercial banks share. Commercial banks:
- Accept deposits
- Lend money
- Process payments
- Issue bank drafts and checks
- Offer safety deposit boxes for items and documents
There are more actions, of course, and finer categories within this broad view. Commercial banks may offer other services such as brokering insurance contracts, giving investment advice and so on.
They also provide a wide variety of loans and offer other credit vehicles like cards and overdrafts.
However, the common theme among these activities is that they are aimed at providing a financial service to an individual or business.
Frequently Used Banking Terms
Automatic Call Distributor
Annual Equivalent Rate
Association of Futures Brokers and Dealers
Application Programming Interface
Automated Teller Machine
British Bankers Association
Basel Committee on Banking Supervision
Banking Standards Board
Cheque & Credit Clearing Company
Current Account Switching Service
Consumer Credit Act
Campaign for Community Banking Services
Chief Executive Officer
Competition and Markets Authority
Chief Operating Officer
Data Protection Act
European Central Bank
Financial Conduct Authority
Federal Deposit Insurance Corporation
Financial Intermediaries, Managers and Brokers Regulatory Authority
Financial Policy Committee
Financial Services Authority
Gross Domestic Production
General Data Protection Regulation
Globally Systemically Important Bank
Independent Commission on Banking
Investment Management Regulatory Organization
Life Assurance and Unit Trust Regulatory Organization
Lender of Last Resort
London Stock Exchange
Monetary Policy Committee
Net Interest Margin
No Income No Job or Assets
Office of Fair Trading
Personal Equity Plan
Personal Identification Number
Payment Protection Insurance
Prudential Regulatory Authority
Payment Services Directive
Retail Distribution Review
Ring-Fencing Transfer Scheme
Securities and Investment Board
Systemically Important Financial Institutions
Troubled Asset Relief Program
Tax Exempt Special Savings Account
The Securities Association
|ACI – The Financial Markets Association||www.aciforex.com|
|Bank of International Settlements||www.bis.org|
|British Bankers Association||www.bba.org.com|
|Dun and Bradstreet||www.dnb.com|
|European Bank for Reconstruction and Development||www.ebrd.com|
|European Central Bank||www.ecb.int|