Conclusion of evolution of currency and banking
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What is evolution of money?
Need to facilitate exchange of goods led to evolution of money. Briefly, evolution of money was mainly through commodity money, metallic money, paper money and bank money. ADVERTISEMENTS: Money is the most important invention of modern times. ... Such exchange of goods for goods was called Barter Exchange.
What is evolution of banking?
History apart, it was the 'merchant banker' who first evolved the system of banking by trading in commodities than money. Their trading activities required the remittances of money from one place to another. For this, they issued 'hundis' to remit funds. In India, such merchant bankers were known as 'Seths'.
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