What is Banking Information?

A bank is a financial institution licensed by the government to lend to and borrow money from the people. These institutions are also used for savings and serve as the backbone of a country’s financial status. Banks are the main sources of funds for various business and industrial activities by lending money for their investment purposes.
Wikipedia defines a bank as a financial institution and a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly or through capital markets. A bank connects customers with capital deficits to customers with capital surpluses. Due to their critical status within the financial system and the economy generally, banks are highly regulated in most countries. Most banks operate under a system known as fractional reserve banking where they hold only a small reserve of the funds deposited and lend out the rest for profit. They are generally subject to minimum capital requirements which are based on an international set of capital standards, known as the Basel Accords.

What is the Status of the Banking System in Canada

Wikipedia explained that Banking in Canada is widely considered the most efficient and safest banking system in the world, ranking as the world's soundest banking system for the past three years according to reports by the World Economic Forum. Released at October 2010, Global Finance magazine put Royal Bank of Canada at number 10 among the world's safest bank and Toronto-Dominion Bank at number 15. According to the Department of Finance, Canada’s banks, also called chartered banks, have over 8,000 branches and almost 18,000 automated banking machines (ATMs) across the country. In addition, "Canada has the highest number of ABMs per capita in the world and benefits from the highest penetration levels of electronic channels such as debit cards, Internet banking and telephone banking."
An online publication stated that the Canadian banking system has undergone some important regulatory and market driven changes since the end of World War II. In fact, its origins may be traced to 1917 when the Bank of Montreal was founded. The twentieth century witnessed the opening of other banks issuance of local currencies. Amendment to the British North America Act (introduced in 1866) stipulated that the local and provincial authorities may. Five years later, the Canadian dollar became the official currency while the Bank of Canada was established in 1935. It should be mentioned that at present, the laws that govern the banks in Canada are subject to regular reassessment and updating on the part of the government. The strategy of progressive upgrading of financial legislation on the territory of Canada has enabled banks to efficiently adapt to the changeable and, recently, quite unfavourable climate on the global financial markets. Another important milestone in the development of the Canadian banking system was the elimination of the ceiling on interest rates on deposits and bank loans, which came into force with the amendments to the Bank Act of 1967.

What is the Concept of Banking Information?

Banking information is nothing but the list of the interest rates, the reserves the bank should maintain and various other trends in banking. It is a comprehensive document with information regarding the banking industry from the year 1981 to the present day. The document contains the information needed by researchers in the areas of banking, finance, tax, insurance, economics, financial services, government regulations and business schools. The banking resource source is a very comprehensive source that includes almost all the departments or features that are offered by the banking industry.
Some of the services that are available include the following: Banking automation, Bank marketing, Bank Examinations, Banking Law, Marketing of the Banks, management services for cash, credit unions and community or co-operative banks, international and investment banking, Mercantile and minority banks, Savings and loans from banks and also about women in banking. The Canadian Banking information is preserved by a central authority that indexes and archives the required records.

What is the format for Banking Information?

The document contains various aspects like the Title, Authors, Journal, and Abstract, the Text, the company name, the descriptors, the geographic or location name and the product title. The Banking information Source’s abstract contains the short form or the gist of the document. The authors are the persons who created the document and the journal is where it is either published or referenced from. The full text of the document explains the policies or the information that was meant to be conveyed. This document is then archived for further reference and usage by the people. The document is also indexed with information like the ISSN and the SIC code.
The source for banking information is provided by the Pro-Quest information and learning centre along with the required information. The source can be easily accessed and obtained by the people as and when required. The Banking information provides the people with all the information that they may require in the form of record that is easily indexed and accessible.

Importance of Banking Information

The essence of banking information is very obvious. It contributes to the efficiency of the banking systems just like in Canada. It provides consumers with vital facts to make them understand the complexities of banking operations. That is why it is necessary to know that basic principles in the Canadian banking system.

References

wikipedia.org
wikipedia.org
canadafaq.ca