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…
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