The best suited deposit for a trading company is
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In the medieval period, the middle classes masses had been largely belonged to merchants and other professional classes such as vaidyas and hakims (Ayurvedic doctors) and other officials.
Trading Classes
Among the merchant classes, some specialized in wholesale trade, and others in the retail trade. The wholesale traders were known as ‘seth’ or ‘bohra’ and the retail traders were known as ‘beoparis’ or ‘banik.’
In south India, the community ‘chettis’ formed the trading class. Besides, there was a special class, ‘banjaras,’ who specialized in the trading.
The banjaras used to move from one place to another place, sometimes with thousands of oxen, laden with food grains, salt, ghee, and other daily use stuff.
The ‘sarrafs’ (shroff) are specialized in changing money, keeping money in deposit or lending it, or transmitting it from one part of the country to the other by means of ‘hundi.’
The ‘hundi’ was a letter of credit payable after a certain period. The use of hundis made it easier to move goods or to transmit money from one part of the country to another.
When needed, the hundis were cashed at a discount rate, which sometimes included insurance so that the cost of goods lost or destroyed in transit could be recovered. Taking the advantage of these facilities, the Indian merchants could easily ship goods to countries of West Asia as well where there were Indian banking houses.