• Instructor: Pablo Bode
• Lectures: 4
• Students: 22300
• Duration: 10 weeks

Banking is an integral part of the modern economy. But the nature and functions of modern banks have evolved over a long period of time. The idea of banking evolved with the idea of money.Banking business is mainly linked to lending. Moneylender is to be found in every society-ancient or modern; advanced or backward. The ten commandments of Moses, Quoran, Manusmrity, Kautilya's Arthashastra all have references to moneylenders and rate of interest. Modern banks also undertake foreign exchange transactions. The priests in temples took advantage of the sanctity of the temples, collected people's savings

and did lending business. In the middle ages, banking business was carried by the individuals. Then came partnership and today in all countries banking is carried out by joint stock companies and is regulated by the Government.