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.

Role of ancestors in the development modern banking: Merchant

As the merchants were engaged with money transaction, it may be said that they had a great contribution on the development of bank. Adam Smith compared the Merchants to “Financial Company’. That time, the situations which were in favor of the development of banking system for the merchant were as follows-

1. Merchants were rich people of the society.

2. For their own sake they were honest.

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.

Role of ancestors in the development modern banking

Ancestors & modern Banker are the persons who played a contribution on the development and evaluation of modern banking.
According to Prof. G. Crowther- “The present day bankers has three ancestors ‘Goldsmith’, “Merchant’, and ‘Money-lenders’.” According to the definition mentioned above the ancestors are classified as follows-