Accountancy, asked by mazumderbibek24, 7 months ago

Describe briefly the evolution of banking institutions long type answer

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Answered by shashi955

0

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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