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It has not so far been decided as to how the word ‘Bank’ originated. The explanation of this origin is attributed to the fact that the jews in Lombardy transacted the business of money exchange on branches in the market place and when the business failed, the people destroyed the Bank. Incidentally, the word ‘bankrupt’ is said to have been evolved from this practice. The opponents of this opinion argue that it was so, then how is that the Italian moneychangers were never called ‘Banchierei’ in the Middle Ages?

Banking in fact is as primitive as human society for overnice man came to realise the importance of money as a medium of exchange. Perhaps it was the Babylonians who developed banking system as early as 2000 B.C. It is evident that the Temples of Babylon were used as ‘Banks’ because of the prevalent respect and confidence in the clergy.

King Hamurabi ( 1728 – 1686 B.C ), the founder of the Babylonian empire, drew up accede where in he laid down standard rules of procedure for banking operations by temples and great landlords. He got his code inscribed on the block of Dorotea about 8 feet tall, containing about 150 paragraphs which deals with nearly all aspects of loans, interest, pledges, guarantees, natural accidents, loss, theft etc. Later on Sumerians, Babylonians, Hitties and Assyrians standardised the values of the goods in silver, copper and bronze.

It is not certain as to whom invented money but history recess that king of Lydia castled electrum ingots of identical shapes and of uniform weights with a triple emblem engraved on it as an official guarantee of value in 687 B.C. In 1401 a German public bank was framed comprising the operations of discounting and transferring of money. By the 16th century, some more public banks were formed in Venice, Milan, Amsterdam, Hamburg and Nuremburg. In order to streamline Banking organisations and techniques, conferences were held in Nuremburg from 1548 to 1551 and it was agreed that the commercial interest of the time needed a bank with facilities of growth and transfer but it should not be a bank run by private individuals

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