XII BANKING NOTES Q1.Explain the Origin of the word “Bank”. The word bank was taken into Middle English from Middle French banque, from Old Italian banca, meaning "table", from Old High German banc, bank "bench, counter". The word bank comes from an Italian word banco , meaning a bench, since Italian merchants in the Renaissance made deals to borrow and lend money beside a bench. They placed the money on that bench. Q2.Money, Lenders Merchants and Goldsmiths are the ancestors of Modern Banking Explain . THE GOLDSMITHS: In ancient time some persons having the qualities of solvency, Honesty ,Safety. Therefore people were trusted on them to keep money as deposits. The depositors would be given slips as the proof of their deposits; these slips were accepted by the people instead of money in transacting business due to high reputation of goldsmiths. These slips were the origin of the modern bank notes. MERCHANTS : A group of merchants migrated to England from Italy in...