(i) The Ricks Bank of Sweden, which began as a private bank in 1656 is the oldest central bank in the world.
(ii) It acquired the sole right of note issue in 1897.
(iii) The fundamentals of the art of banking were developed by the Bank of England (1864).
(iv) After the International Finance Conference held at Brussels in 1920, a number of central banks were established.
(v) The South African Reserve Bank (1921).
(vi) The Central Bank of China (1928).
(vii) The Reserve Bank of New Zealand (1934).
(viii) The Reserve Bank of India (1935).
(ix) The Central Bank of Ceylon (1950).
(x) The Bank of Israel (1954).

(i) ATMs transformed the bank tech system when they were first introduced in 1967.
(ii) The next revolution in ATMs is likely to involve contactless payments.
(iii) Much like Apple Pay or Google Wallet, soon we will be able to conduct contactless ATM transactions using a smartphone.
(iv) Some ATM innovations are already available overseas.
(v) For example, biometric authentication is already used in India, and its recognition is in place at QatarNational Bank ATMs. These technologies can help overall bank security by protecting against ATM hacks.

Agency Functions implies that commercial banks act as agents of customers by performing various functions.
(i) Collecting Cheques Banks collect cheques and bills of exchange on the behalf of their customers through clearing house facilities provided by the central bank.
(ii) Collecting Income Commercial banks collect dividends, pension, salaries, rents, and interests on investments on behalf of their customers. A credit voucher is sent to customers for information when any income is collected by the bank.
(iii) Paying Expenses Commercial banks make the payments of various obligations of customers, such as telephone bills, insurance premium, school fees, and rents. Similar to credit voucher, a debit voucher is sent to customers for information when expenses are paid by the bank.

(i) Long-term loans; both in rupees and foreign currencies.
(ii) Underwriting of equity, preference and debenture issues.
(iii) Subscribing to equity, preference and debenture issues.
(iv) Guaranteeing the deferred payments in respect of machinery imported from abroad or purchased in India; and
(v) Guaranteeing of loans raised in foreign currency from foreign financial institutions.

(i) The first rupee was introduced by Sher Shah Suri based on a ratio of 40 copper pieces (paisa) per rupee. The name was derived from the Sanskrit word Raupya, meaning silver.
(ii) Each banknote has its amount written in 17 languages (English and Hindi on the front and 15 other on the back) illustrating the diversity of the country.

It implies that commercial banks provide some utility services to customers by performing various functions.
(i) Providing Locker Facilities
Commercial banks provide locker facilities to its customers for safe custody of jewellery, shares, debentures, and other valuable items. This minimizes the risk of loss due to theft at homes. Banks are not responsible for the items in the lockers.
(ii) Issuing Traveler’s Cheques
Banks issue traveler’s cheques to individuals for traveling outside the country. Traveler’s cheques are the safe and easy way to protect money while traveling.
(iii) Dealing in Foreign Exchange
Commercial banks help in providing foreign exchange to businessmen dealing in exports and imports. However, commercial banks need to take the permission of the Central Bank for dealing in foreign exchange.

Accepting Deposits
It implies that commercial banks are mainly dependent on public deposits.
There are two types of deposits, which are discussed as follows
(i) Demand Deposits
It refers to deposits that can be withdrawn by individuals without any prior notice to the bank. In other words, the owners of these deposits are allowed to withdraw money anytime by writing a withdrawal slip or a cheque at the bank counter or from ATM centres using debit card.
(ii) Time Deposits
It refers to deposits that are made for certain committed period of time. Banks pay higher interest on time deposits. These deposits can be withdrawn only after a specific time period by providing a written notice to the bank.

(I) Primary Function:
(1) Accepting Deposits
(2) Demand Deposits
(3) Time Deposits
(4) Advancing Loans
(II) Secondary Functions:
(1) Agency Functions
(2) Collecting Cheques
(3) Collecting Income
(4) Paying Expenses
(5) General Utility Functions
(6) Providing Locker Facilities
(7) Issuing Traveler's Cheques
(8) Dealing in Foreign Exchange
(9) Transferring Funds
(10) Letter of Credit.

(i) Capital formation
(ii) Creation of credit
(iii) Channelizing the funds
(iv) Encouraging rights type of industries
(v) Banks monetize debt
(vi) Finance to government
(vii) Employment generation
(viii) Bank promote entrepreneurship.

(i) Agricultural Refinance Development Corporation (ARDC) was established by an act of parliament.
(ii) It was started functioning from July 1, 1963.
(iii) Formers in India require mainly medium term and long term loans, but it faces a lot of difficulties to getting it.
(iv) The only organisation providing long term credit is land development banks which have lagged behind and only limited success.
(v) The credit requirement of the agriculture sectors are increasing.
(vi) The aim of bridging the gap in agriculture finance and to extend credit for projects involving agricultural development

(I) To provide necessary funds by way of refinance to eligible institutions such as
(i) Central land development banks
(ii) State cooperative banks
(ill) Schedule banks
(II) To subscribe to the debentures floated by
(i) The central land development banks.
(ii) State cooperative banks
(ill) Scheduled banks
(iv) Provided and approved by the RBI.

(i) It is one of the important function of commercial bank.
(ii) The bank lends Rs.5 lakh to an individual and opens a demand deposit in the name of that individual.
(iii) The bank makes a credit entry of Rs.5 lakh in that account.
(iv) There is no payment in cash.
(v) Printing additional money is not required. So the supply of money is increased.