Manual on Concurrent Audit of Banks (2023 edition)

Manual on Concurrent Audit of Banks (2023 edition)
PART I Understanding the Banking Business and Its Legal Framework

Origin of Banks

1. Banking was carried on in ancient Babylon, Egypt and Greece.
2. Temples are the places where they are served deposit of money in the initial stages.
3. In the year 210 BC, at Rome an ordinance was issued to set aside a place of money changers.
4. The work “Bank” has come from Italian word “Banco”.
5. Money changers of Italy did their business in the street on a bench and that bench in Italian word is called as “Banco”.
6. ‘Banco di Rialto’ was first set up in Venice in the year 1587.
7. ‘Banco di Rialto’ has accepted deposits from the depositors and allow them to use and write cheques to withdraw the money.
8. Later on in the year 1619, ‘Banco Del Giro’ took over ‘Banco di Rialto”.
9. ‘Banco Del Giro’ was set up in the year 1609 at Amsterdam.
10. In the year 1694, ‘Bank of England’ was set up. After setting up of ‘Bank of England’ lot of countries have started to set up Central Banks for their respective countries.

Read More

Read More on ICAI