Personal Finance guide

Most of the Banking activities are derived from the above definition. Apart from the activity of accepting and lending money, banks are allowed to perform certain activities which are supplementary to this business of accepting deposits and lending, Banks are allowed to perform certain activities which are ancillary to this business of accepting deposits and lending. A bank’s relationship with the public revolves around accepting deposits and lending money. Another activity which is assuming increasing importance is transfer of money – both domestic and foreign – from one place to another. This process is generally known as “remittance business” in banking phrase. Forex (foreign exchange) business is largely a part of remittance although it involves buying and selling of foreign currencies.

In short, a banker or bank is a financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money, it is an institution where one can deposit and borrow money and take care of financial affairs.The first modern bank, named Bank of St. George was founded in Italy in Genoa in 1406.

Functioning of a Bank is among the more problematical of corporate operations. Since Banking involves dealing directly with money, governments in most countries regulate this sector rather strictly. In India, the regulation traditionally has been very strict and at the same time NPAs are also of a very high order. The process of financial reforms, which started in 1991, has cleared the staleness but a lot remains to be done. The large number of policy and regulations that a Bank has to work with makes its operations even more complicated, sometimes bordering on illogical. Banking Regulation Act of India, 1949 defines Banking as “accepting, for the purpose of lending or investment of deposits of money from the public, repayable on demand or otherwise and withdrawable by cheques, draft, order or otherwise.”The law governing Banking Activities in India is called as “Negotiable Instruments Act 1881″. Following are the major activities of banks:

Continue reading ‘Banking’ »

Many people often mistake ‘cheap car insurance’ for affordable car insurance. Getting a cheap insurance for your car does not necessarily mean that all crucial costs will be covered. Be sure to identify your requirements, see which category of policy holders you fall into, ensure if the auto insurance is in accordance with your criteria and then purchase the insurance. Try and steer clear from cheap auto insurances. Instead go in for insurance from a reputed company that offers comprehensive policies that are secure and available at affordable rates.

Secure online auto insurance companies offer insurance at decent rates and with potential discounts. Many other proactive ways can be adopted to keep your auto insurance rates as low as possible. A customer could look for special perks and incentives that may lessen the rate of the insurance. Several options such as driver’s educational qualification, multiple policy discounts, maturity discounts, safe driver incentives, family dynamic discounts, and other such savings programs are available with car insurance companies. If you manage to get hold of any of these, you will end up paying much less for your insurance policy.

One of the best ways to secure an affordable insurance rate is to be a safe and conscious driver. Keeping unsafe driving practices at bay will make cheaper insurance rates easier to come by. Several things such as speeding, drinking and driving, talking on a cell phone, inputting an address in the GPS device, and driving when fatigued could result in fatal accidents or get you a traffic ticket. If this is the case, then you can expect to receive a fairly high insurance quote.

Continue reading ‘Armor Yourself with Affordable Car Insurance’ »

Purchasing auto insurance online is a great way and quick way to get the best auto insurance policy for your personal budget. However, there are always pros and cons to anything in life and picking the right company will determine whether or not you receive the best treatment when you have to prepare a claim. So how does one get a great auto policy from the internet?

The first way to check for a great quote is by going directly to the major auto insurance carrier websites. Each major insurance company such as GEICO, All-State, State Farm and Progressive have their own websites. You can apply for an online quote directly from their website and wait for their response. Progressive even states that they will display the competitor’s quotes next to their quote so if their quote is not the cheapest, then you will have ability to select a competitor’s quote. Remember to also check local company’s around your state. Each state will probably have an insurance company that covers a region of the United States. For example, in Washington, PEMCO is the major insurance provider for many people in the Pacific North West.

Continue reading ‘How To Buy Auto Insurance Online’ »