Banking is of ancient origin. But a very little is known about it prior to the middle age when the supposedly first public bank "Bank of Venice" was established in Europe in 1157 A.D. Incidentally with its founding started the age of modern banking. During those days banking used to be conducted by the individuals of the society, families and the members of the trading communities knows variously as merchants, goldsmiths (bullion traders) and money lenders etc. The predominant ownership pattern was that of single proprietorships. Alongside subsequently grew banking by partnerships. Long back, however, such banking has mostly been replaced by modern limited companies, corporations and multinationals. Recently remnants of banking by families on the basis of sole proprietorship or partnership are also on the process of being taken over by the modern companies in view of globalization of the economy and banking.
Alongside activities and emphasis of the bank have also undergone dramatic and epoch making changes. Everyday new functions are being added to the list of banking functions. Not only that various types of banks are also emerging throughout the world.
Meanwhile banks have also emerged as powerful financial institutions influencing the lives of billions of people in the world. They have been following different banking systems to cater to the needs of the economy and societies .
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