Definition of Bank by Different Authors:
W Hock states, “Bank is such an institution which creates money by money only.”
According to Jhon Harry “Bank is an economic institution whose main aim is to earn profit through exchange of money and credit instrument”
R P Kent defined, “Bank is a financial institution which acts as an intermediary and deals in loans and advances”
Cairncross states “A bank is a financial intermediary- a dealer in loans and debts”
According to R.S. Sayers. “Banks are institutions whose debts are commonly accepted in settlement of other people’s debts.”
Walter Leaf defined the bank, “A bank is a person or a corporation which holds itself out to receive from the public, deposits payable on demand by cheque”.
Indian Company Law 1936 defines Bank as “a banking company which receives deposits through a current account or any other forms and allows withdrawal through cheques or promissory notes”
The Companies Act of India defines Bank as “A Bank is a financial institution which accepts money from the public for the purpose of lending or investment repayable on demand or otherwise withdrawable by cheques, drafts or order or otherwise”.
P A Samuelson defined, “Bank provides service to its clients and in turn receives perquisites in different forms”.
Professor Kinley explained bank as, “A bank is an establishment where individuals make advances of money as may be required and safely made, and to which individuals entrust money when not required by them for use”
According to Imperial Dictionary, “A bank is an establishment which trades in money, an establishment for deposit, custody, and issue of money and also for granting loans and discounting bills and facilitating transmission of remittances from one place to another.”
According to Prof. Kisch “A central bank is a bank whose essential duty is to maintain the stability of the monetary standard.”
H. Collin defined “Central bank is the main government-controlled bank in a country, which controls the financial affairs of the country by fixing main interest rates, issuing currency, supervising the commercial banks and controlling the foreign exchange rate.”
According to Kent, “Central Bank may be defined as an institution which is charged with the responsibility of managing the expansion and contraction of the volume of money in the interest of general public welfare.”
According to Prof. Gilbert “A commercial bank is a dealer in capital or more property a dealer in money. He is an intermediate party between the borrower and the lender. He borrows from one party and lends to another and the difference between the terms at which he borrows and those at which he lends from the source of his profit.”