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The word Bank has been derived from Banque which means a bench. Mahajan and Sahukar used to lend money to people while sitting on a bench and accepts deposits from public and grants loan to industry and trade.

According to Indian Banking Companies Act, 1949, a bank is an institution accepting deposits for the purpose of lending or investing deposit from public repayable on demand or otherwise, withdrawal by cheque, drafts, order or otherwise.

According to Walter Leaf, a Bank is a person or corporation which holds itself out to receive from public deposits payable on demand by cheque.