Bank, Banking, Banker and Banking Company: Definitions

The definitions of the following terms "Bank" "Banking" "Banker" "Banking Company" vary from country to country.

However, the overall meaning of the terms is almost similar. Here are the definitions of the terms from the statutory laws of some countries and it's dictionary meaning.

Definition of "Bank"

Oxford Dictionaries define the term 'bank' as — “A financial establishment that uses money deposited by customers for investment, pays it out when required, makes loans at interest, and exchanges currency.”

Definition of "Banking"

Oxford Dictionaries define the term 'banking' as — “The business conducted or services offered by a bank.”

Section 5(b) of the Banking Regulation Act 1949 of India defines the term 'banking' as — “Banking means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawal by cheque, draft, or otherwise.”

Definition of "Banker"

Oxford Dictionaries define the term 'banker' as — “A person who manages or owns a bank or group of banks.”

Section 2 of the Bills of Exchange Act 1882 of United Kingdom defines the term 'banker' as — “Banker includes a body of persons whether incorporated or not who carry on the business of banking.”

Definition of "Banking Company"

Section 5(c) of the Banking Regulation Act 1949 of India defines the term 'banking company' as — “Banking company means any company which transacts the business of banking in India.”

Here, a company means a company which is registered under the Companies Act of India, and includes a foreign company as defined under the said Act.