1.

How did banking come into existence? Explain.

Answer»

Bank is an institution that provides banking services.

  • World’s first bank was started in city of Geneva in Switzerland in the year 1407 AD. (or say 1407 CE).
  • The word ‘bank’ is derived from an Italian word; ’Banco’. This word has emerged from the era of Roman Empire where in the money lenders known as ‘macella’ used to establish their temporary shops on a long and narrow / bench called ‘bancu’ within a fencing.
  • Historians have found that banking activities also existed in ancient time.


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