Dr Rajiv Desai
An Educational Blog
MONEY
Money: _ ____ Section-1 Prologue: Somebody once asked the late bank robber named Willie Sutton why he robbed banks. He answered: “That’s where the money is.” Money is something we encounter in every facet of our daily lives. The first thing that springs to mind for most of us when we hear the word “money” is coins and banknotes. We talk about “making money” when we refer to our income. We say that we are “spending money” when we go shopping. For major purchases we sometimes have to “borrow money” by taking out a loan, either from someone we know or from a bank. It is no accident that the term “money” gets used in so many different ways: it is a reflection of the myriad functions that money performs in our economic lives. _ Money is one of the fundamental inventions of mankind. Economists say that the invention of […]
DIGITAL TRANSACTION
Digital transaction: ___ ____ Prologue: History of banking dates back to 2000 B.C. Archaeologists believe that depositing and lending have always been human way of business and economy during renowned Roman, Chinese, and Indian empires. In fact, if we really think about it, there can actually be no trusted way of keeping earned money safe to be used when required other than a trusted group that also provides interest on such deposits. From that time banks and their ways have evolved tremendously. Computing revolution has been the biggest step forward here. For what was confined to signatures and psychical presence, has now been replaced by plastic money and virtual presence. John Shepherd-Barron, the Scotsman is credited with inventing the world’s first automated cash machine. Shepherd-Barron said once that he came up with the idea of the cash machines after being locked out of his bank. Plastic bank cards had not […]
