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Role of ancestors in the development modern banking: Money-lender

Moneylenders have a great contribution on the development of modern banking. The factors influenced moneylenders to join with the banking business are as follows-
1. As moneylenders were rich, everyone trusted them.
2. They had a power of influencing and /convincing anyone.
3. They took the deposited money and provided loan to poor people.
4. By collection of money and providing loan moneylenders became engaged to the banking function.

Money lenders played a vital role in establishing the first commercial bank in the Italian sun continent named “Hindustan bank” in 1700 AD situated in kolkata.

In light of the above discussion it may be concluded that the role of ancestors in modern banking system was significant.