Money and Banking

“If you owe the bank $100 that’s your problem. If you owe the bank $100 million, that’s the bank’s problem.”

—J. Paul Getty

Topics Covered

  • Money: Meaning, evolution, and functions
  • Central bank: meaning and functions
  • Commercial banks: meaning and functions


  1. Barter system was used in ancient times to exchange goods. This system was used to exchange one commodity for another before the use of money. For example, if a person having cloth wanted rice, then he could exchange cloth with a person who had rice and needed cloth.
  2. Any economy having the barter system is called ‘C-C economy’, i.e., commodity is exchanged for commodity.
  3. Barter system was replaced by monetary exchange or buying and selling ...

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