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Role of ancestors in the development modern banking: Goldsmith

The role of goldsmith regarding the development of modern bank was very important. Due to their business nature and character they were well-reputed person at that time. People kept their valuable goods to them because-
1. They were socially treated as honest, truthful and ethical.
2. They were financially rich.
3. They took necessary steps to store precious metals or goods.
The functions of goldsmith were very important for the developments of banking system are as follows-
1.  Safely deposited money and valuable goods of general people.
2. Introduced “deposit slip” at the time of deposit money or goods.
3. Provided loan to poor people.
4. Some interest was provided to the depositor.
5. Introduced “withdraw slip” at the time of drawing the deposited matters.
In the establishment of “Bank of England” in 1694, the role of goldsmith was significant.