 Hello and welcome to the session. In this session we will discuss about banking. First of all let us see what is a bank. Basically we say that a bank is a financial organization where people deposit their money to keep it safe. So we can also say that banking is a very old business of receiving money from the people, safeguarding money that the people have deposited and lending money to the people. In today's time, apart from the business of getting deposits from the public on interest and lending the money to the people, banks are also doing some different kinds of business transactions. Loans are provided to the economically weaker sections of the society to earn their livelihood. Next let's discuss opening a bank account. An account needs to be opened in the bank to avail the services of the bank. For this we need to apply on a prescribed form which is available from the bank. Our specimen signatures are taken on the form and kept in the safe custody of the bank. So by filling the form given by the bank and giving our specimen signatures on that form we can open an account in a bank. Now if we need to withdraw the money from the account that we have opened in the bank we need to fill up the withdrawal form. Then the bank officials who receive the withdrawal form will be signed by the person who wants to withdraw the money from the account, tallys the signature on the form and encase if the signatures do not tally then they do not make the payment. Let's now discuss about checks. A check is an unconditional order to the bank and is always payable on demand. We have a checkbook given to the customer and this checkbook contains 10, 20, 25 or say 100 checks. Next we have a bearer check, order check. Let's see the difference between them unless the word bearer printed on the check is crossed out. It is called the bearer check in this case and if the word bearer on the check is crossed out then in this case the check is called the order check. A bearer check can be encached by anyone irrespective of the name written on the check but in case of order check it can be encached only by the person in whose name the check has been issued. A check may be crossed by drawing parallel lines on the left hand corner of the check and writing don't pay only in between the lines. This minimizes the risk. Let's now discuss about bank passbook. On opening an account in the bank the customer is handed over a small notebook which is called the passbook. This is the general format of a bank passbook in this date wise entries regarding the deposits and the withdrawals are made by the bank and the balance is also written against each entry. So the first column here is the date of withdrawal or deposit, then we have the particulars, then next column is for the amount withdrawn or the debits made, then next is the column for amount deposited which are the credits, then we have the balance and then the remarks are also written. Now when a person fills up a withdrawal form to withdraw money from the account then the bank passbook is also needed along with that. Next we discuss operating a bank account. Operating a bank account means depositing money in the account withdrawing money from the account depending on the need of the person. Now to deposit the money in the account pay-in slips needs to be filled up. These pay-in slips have two parts. One is the foil and the other is the counter foil and they are separated by a perforated line. When the customer who wants to deposit the money in the account presents the pay-in slip to the bank official, the bank official puts a seal of the bank on the pass, signs them and he returns the counter foil to the customer and the spoil part is kept in the bank record. And so the amount that the person has deposited will be credited to his account and then to withdraw the money from the account either the withdrawal form is filled by the customer or the check is used by the customer. And when the withdrawal form or the check is presented to the bank official for withdrawing the money, he tallies the customer's signature with the specimen signatures which are kept in the bank records and if these two signatures tally then the customer is given the required amount or we can say that the check is passed for the payment. And if the signatures do not tally then in that case the payment is rejected. This completes the session. Hope you have understood the concept of franking.