About there thousand years ago there was a nation called "SUMERIAN" who started giving loans to the people. These loans were repayable in form of cash as well as commodities. Sumerian used lumps of gold and silver as money.
1. BANKING IN IRAQ
Two thousand years ago the tradition of Banking was introduced and developed in Iraq. The king described legal provisions in writing for giving loans and mud cakes were used for loan agreements. Rate of interest on these advances was 33.3% P.A.
2. BANKING IN GREECE
Banking reached Greece from Iraq and had made great progress in the 14th Century B.C. in Greece temples served as earliest banks. In 594 B.C. a solaran revised the procedure of giving loans on interest basis.
3. BANKING IN ROME
In 14th Century B.C. an institution was established in Rome which started to accept deposits and lent the money to needy people.4. BANKING IN AMERICA
In th USA, the origins of banking services came out of conditions created by the California Gold Rush starting in 1848.5. BANKING IN BRITAIN
The Bank of England was founded as a private joint stock company in 1694. According to modern experts first modern bank was established in 1694 in England named "Bank of England". It was the first Bank who got the sole authority of issuing currency notes.
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