Suryoday Small Finance Bank - Titwala
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Contact Suryoday Small Finance Bank
| Address : | Ravindra Regency, # 1 & 2, B Wing, Ravindra Regency, Balyani Road, Manda East, Titwala - 421605, Balyani Road, Manda, East, Titwala, Maharashtra 421605, India |
| Phone : | 📞 +98 |
| Postal code : | 421605 |
| Website : | https://www.suryodaybank.com/ |
| Categories : |
Bank
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Savings bank
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Deepak Desai on Google
★ ★ ★ ★ ★ Banking in old times was not the tightly monitored and tightly regulated business that it is today. Instead, earlier banking was completely a free market operation. Any entrepreneur could enter and exit the banking business without any restriction or licenses. In this article, we will trace the evolution of banking i.e. how banking changed to be the highly regulated business that it is today
Goldsmiths to Moneylenders
The banking profession, in the strictest sense of the word, was first carried on by goldsmiths in medieval Europe. Since, it was the business of the goldsmith to deal with valuable commodities the goldsmith would build strong vaults to protect their inventory from theft. The residents of the town wanted to rent the goldsmiths secure vault in order to keep their money safe. The goldsmith therefore started taking deposits and this was in a way the birth of modern banking.
Over a period of time, the goldsmiths realized that the deposits are usually far in excess of the withdrawals. This meant that if 100 gold coins were deposited with the goldsmith, statistically only 10 of them would be withdrawn at any given time. Therefore, the goldsmiths started lending out the money that they had held on deposit even though it did not belong to them! This was the birth of the second major function of modern banking i.e. lending money.
Taking deposits and making loans together changed the nature of the goldsmith’s business to money lending. Over a period of time, this would further evolve and become banking.
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