essay on bank

Essay On Bank

Essay on Bank

500+ words essay on bank.

Banks are an integral part of the modern economy. They play a major role in the economic growth and development of a country. The idea of banking evolved with the idea of money. In India, public sector banks (PSBs) have been working to provide banking services in urban and rural areas since 1970. These public sector banks account for nearly 70% of banking activity in India. With the help of this essay on banks, students will get to know the functions performed by banks and their importance for individuals and the country. To help students in improving their essay-writing skills, we have also compiled a list of CBSE Essays on different topics. By practising these essays, they can boost their writing skills and also score good marks on the English exam.

Meaning of Bank

Banks are mainly linked to depositing and lending money. In Indian society, moneylenders used to give money to people in ancient times. They charged a high rate of interest to people as there were no banks or banking systems available at that time. But, with the change in time, the banking system was introduced in India. Now, we have public sector banks and private banks.

A bank is a financial institution that deals with deposits, withdrawals and other related banking services. Bank receives money from those who want to save in the form of deposits, and it lends money to those who need it. A bank is a financial institution that works as an intermediary to accept deposits and channels those deposits into various lending activities. It does so through loans or capital markets. A bank establishes the connection between the customers who have capital surpluses and those with capital deficits. In India, all banks operate under the guidelines of the Reserve Bank of India, which is known as the banker’s bank.

Functions of Bank

Banking is the lifeline of the modern economy. It has played a very important role in the economic development of all the nations of the world. We can not think of modern commerce without banking. Banking is a business which seeks profits like any other business. The banking business mainly constitutes borrowing and lending as their basic functions. Now, banks are providing many other services to people, such as net banking, online shopping, mobile banking, granting loans and advances, short-term credit, pension payments, acting as a dealer in foreign currency etc. A common person can safely deposit their money in the banks.

How Important are Banks for Development?

Banks are the most important financial pillars. They play a vital role in the economic development of a country. The financing requirements of industries, trades, agriculture and other business are met with the help of banks. Therefore, if the banking system of a country becomes strong, then the development of the country will also be at a faster rate. In today’s economy, banks are not only dealing with money, but they are also contributing to the development of the nation. They play a crucial role in the disbursement of credit and the mobilisation of deposits to various sectors of the economy. Banks also represent the economic health of the country. The strength of a nation’s economy depends on the strength of the financial system, which depends on the banking system.

In India, banks play a crucial role in the social and economic growth of the country after independence. The banking sector in India accounts for more than half the assets of the financial sector. The Indian banks have shown much growth after the implementation of financial sector reforms.

Banks are the backbone of any country’s economy. They are responsible for running the economy and controlling the price of the markets. They perform various important functions. However, there are default NPAs, cases of corruption and security threat-related issues, but these can be resolved by implementing strict laws and rules by the government.

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Essay on Bank

Banks are financial institutions that deal in monetary transactions. Banks form an integral part of any society. There are numerous banks located in different parts of our country. While earlier there were limited number of banks with a few branches in big cities and towns in India, a number of new banks have opened in the last few decades with branches in every nook and corner of the country. Banks provide a lot of services based on the customer’s requirements. They provide locker facilities, safe deposits, ATM Services, Fixed Deposits, money transfer, loan for business and houses and several other monetary services to their customers.

Long and Short Essay on Bank in English

Here are essay on Bank in English of varied lengths to help you with the topic whenever you required.

After going through these Bank essay, your knowledge about banks, their functioning and their usefulness will enhance and you will emerge as a knowledgeable person.

These essays will prove useful in your school or college assignments, especially for students of commerce or banking.

You can select any bank essay of your choice given below:

Bank Essay 1 (200 words)

The banking system that involves accepting deposits and lending money initiated centuries back in various parts of the world. The system improvised over the time and the banks these days offer various other facilities in addition to the basic depositing and lending of money.

People are encouraged to keep their money in the banks because it is a safe and secure way to store the money. The money stored in the bank in the form of fixed deposits and recurring deposits also fetches a good amount of interest. In addition to money, one can also keep jewellery and important papers in the bank lockers.

Providing loans, which is another primary function of the banks, is also beneficial for individuals and businesses in many ways. Salaried people can build their assets such as property, car, etc easily with the help of loans from the bank. Businessmen can expand their businesses with this facility. A number of other services are also provided to the businessmen to ease their financial transactions and aid in the growth of their business.

Online Banking has further enhanced the process of banking. Various banking services such as checking balance, transferring amount, applying for loan are now provided on the bank’s website. All the customers require doing is opting for internet banking service.

Bank Essay 2 (300 words)

Introduction

Banking system has been in place since centuries. The system has been prevalent in India as well as other parts of the world. Only the services provided and the functions carried out have enhanced over the time.

History of Banks

Banking service began back in the 14 th century in some parts of Renaissance Italy. It was initiated on the lines of the concept of lending and borrowing that took place among people since the ancient era. In the ancient times, the merchants gave grain loans to the traders and farmers. This was called the barter system. Over the time the system evolved to accepting deposits and lending money.

The Fuggers, the Medicis, the Berenbergs, the Rothschilds are among some of the banking dynasties that are known to play a central role in the history of banking. They dominated this sector for centuries. Modern banking services such as issuance of banknotes and reserve banking started in the 17 th century. Bank of England and The Royal Bank of Scotland are some of the oldest banks in the world.

History of Banks in India

In India, the banking system dates back to the Vedic civilization. Loans were given to the needy in that era too only the nitty-gritty’s involved in the same were different. Loans deeds in that period were known by the name rnalekhya or rnapatra.

Big businessmen and landlords gave money to the small traders and farmers on interest in the earlier times. This culture is still prevalent in some villages in the country. The lands or other valuable assets of those who were unable to pay the amount were confiscated just as the banks do these days.

The first bank established in India was the Bank of Hindustan. It was opened in the year 1770 in Calcutta. Bank of Bombay, Bank of Calcutta and Bank of Madras were set up later in the early 19 th century.

There are numerous types of banks in every country to cater to the needs of different customers. They provide various services and aid in the growth of the country’s economy.

Bank Essay 3 (400 words)

A bank is an institution that accepts money deposits from the public and provides funds on credit to individuals as well as firms. These are the primary functions of a bank but not the only functions. They provide various other services to its customers such as locker facility, transfer of funds, issuance of drafts and portfolio management to name a few.

Importance of Banks

Banks are important for the individuals as well as the development of the country’s economy. Here is why these institutions are of importance:

Provides Safety and Security

Money kept at home is not safe. It is prone to burglary. When you keep your money in the bank, it is the bank’s responsibility to safeguard it. You do not have to worry about its security.

Encourages Saving Habits

Banks offer various schemes from time to time to encourage saving habits in people. The money put in the bank is not only saved but also grows. You have the option of withdrawing it any time you want.

Eases Trade and Commerce

Banks promote trade within the country by providing loans and advances to the traders. It also eases the process of trading between different countries. They provide easy money transaction options to smoothen the process. It is easy to send and receive funds from anywhere with the advancement in the banking system.

Promotes Agricultural Sector

Agricultural sector is an important part of the economy. There are special banks that provide loans to the farmers at low interest to promote agricultural activities. Banks thus aid in promoting the agricultural sector.

Aids in Development of Industries

Banks accept deposits from individuals and businesses and provide loads to the industries. They thus aid in the development of various industries in this way. The loan can be repaid in easy instalments.

Provides Employment Opportunities

Banks provide loans for the growth and development of the agricultural and industrial sectors. As these sectors expand, a number of employment opportunities are created for the public.

Banks are an important part of any country. The modern banking services have helped in easing the process of trade, development of industries and other activities that help in the development of the country’s economy. Banks and other financial institutions that promote the growth of businesses and safeguard the money and other valuable assets of individuals are certainly play an integral role in the development of a country’s economy.

Bank Essay 4 (500 words)

Banks play an important role in maintaining financial stability in the country. They offer numerous services to help you manage your finances better. These institutions thus form a vital part of any society.

Functions of Banks

The functions of banks have broadly been classified into two categories. These are the primary functions and the secondary functions. Here is a look at these in detail:

Primary Functions

Primary functions are the main functions of the banks. These include accepting deposits and providing loans. Here is a brief look at these functions:

Accepting Deposits

These deposits are basically of four different types:

Saving Deposits: These deposits encourage public to save money. The money can easily be withdrawn and deposited in the saving account without much restriction. The interest rate here is however quite low.

Current Deposits: This account is especially for the businessmen. These accounts offer facilities such as overdraft that are beneficial for the businesses. No interest is paid in this account.

Fixed Deposits: In a fixed deposit a considerable big amount is deposited in the account for a fixed period of time. The rate of interest is high in such deposits.

Recurring Deposits: A certain amount is deposited at regular intervals in such an account. The rate of interest is high. However, the amount cannot be withdrawn before a certain period.

Providing Loans

Here are the types of loans and advances offered by the banks:

Loans: Loans are offered for both short term and long term period. The rate of interest charged on the same varies based on the type and duration of loan. It can be repaid in instalments.

Cash Credits: The customers have the facility to take cash credit up to a certain amount which is fixed in advanced. A separate cash credit account needs to be maintained for this.

Overdraft: This facility is for businessmen. It is thus provided to the current account holders. They do not require maintaining a separate account to avail this facility.

Secondary Functions

Secondary functions, also known as non-banking functions, are of two types. These are agency functions and general utility functions. Here is a brief look at both these types of functions:

Agency Functions

The bank also acts as an agent for its customers. A number of agency functions are performed by this institution. These include collection of cheques, periodic payments, portfolio management, periodic collections and transfer of funds. Banks also act as executors, administrators, advisors and trustees for their customers. They help their customers deal with other institutions.

General Utility Functions

Banks also perform general utility functions that include providing locker facility, underwriting of shares, dealing in foreign exchange, issuance of drafts and letter of credits, drafting project reports, undertaking social welfare programmes such as public welfare campaigns and adult literacy programmes.

Discounting of bill of exchange is another service provided under this.

While initially the functions of banks only included accepting deposits and providing loans; they have started providing various other services now. All these facilities are aimed at helping the customers with their finances.

Bank Essay 5 (600 words)

Banks are financial institutions that lend money and accept deposits from general public. Banks maintain the flow of money in the country and are important for its economic growth. There are different types of banks that offer different kinds of services to individuals as well as businesses.

Types of Banks

Here are the various types of banks and their functions:

National Banks

Also known by the name, Central or Federal bank, these banks manage the financial system of the government. These non-profit making institutes serve as bankers to the other banks. There is one Central bank in every country. Some of the functions of National banks include supervising foreign exchange, controlling the country’s currency and issuance of paper currency. They do not deal with the general public.

Retail Banks

These are the most common types of banks. These are mainly set up to focus on the requirements of the general public. They open your savings account, provide credit cards, give loans and provide locker facility among other services.

Saving Banks

These are especially established to inculcate the habit of saving money among the people. The deposits from the customers are turned into securities and bonds in these banks. These were set up way back in the 18 th century in European countries. Besides, accepting deposits from individuals these banks offer various other services too.

Commercial Banks

The main aim of these banks is to aid the business class. They provide loans to the businessmen and also provide other services that are useful for the business men. Some of these services include bill of exchange, overdraft and cheque collection.

Investment Banks

These banks are also set up to aid the businesses. These banks help the businessmen establish a foothold in the financial markets. Investment banks facilitate those businessmen who require selling debt to the investors or want to go public with their business.

Land Mortgage Banks

Also known as agricultural banks or Land Development banks, these are mainly set up to aid the agricultural sector by financing it. These banks also play an important part in land development. The reason why this special category of banks has come into being is that there is a lot of risk in financing the agricultural sector and the commercial banks that support other businesses are not ready to take such risk.

Co-operative Banks

Co-operative banks provide loans to small-scale farmers, small-scale businesses and salaried people. They provide both commercial and retail services to people. These banks are registered under Co-operative Societies Act, 1912.

Consumer Banks

These banks have exclusively been set up to provide loan for purchasing durable consumer goods such as car, washing machine, refrigerator, furniture, etc. These banks give their consumers the leverage to repay loans in easy instalments. These are mostly found in first world countries.

Industrial Banks

Also known by the name Development Banks, these banks are established to aid the industrial sector. These banks accept cash by issuing shares and debentures. They provide long-term loan to the industries to help them expand and develop. Many such banks have been established in the country post independence.

Exchange Banks

These banks are particularly engaged in financing foreign trade. Some of the main functions of these banks include discounting foreign bills, purchasing and selling silver and gold and providing assistance in carrying out export and import trade.

Banks are established to ease the financial issues of the general public as well as the country as a whole. Different types of banks serve different purposes and have been set up to cater to the needs of various classes.

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Essay on Bank in English for Children and Students

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Long and Short Essay on Bank in English

Here are essay on Bank in English of varied lengths to help you with the topic whenever you required.

After going through these Bank essay, your knowledge about banks, their functioning and their usefulness will enhance and you will emerge as a knowledgeable person.

These essays will prove useful in your school or college assignments, especially for students of commerce or banking.

You can select any bank essay of your choice given below:

Bank Essay 1 (200 words)

Bank Essay 2 (300 words)

Introduction

History of Banks

History of Banks in India

There are numerous types of banks in every country to cater to the needs of different customers. They provide various services and aid in the growth of the country’s economy.

Bank Essay 3 (400 words)

Importance of Banks

Banks are important for the individuals as well as the development of the country’s economy. Here is why these institutions are of importance:

Provides Safety and Security

Money kept at home is not safe. It is prone to burglary. When you keep your money in the bank, it is the bank’s responsibility to safeguard it. You do not have to worry about its security.

Encourages Saving Habits

Eases Trade and Commerce

Promotes Agricultural Sector

Aids in Development of Industries

Provides Employment Opportunities

Banks provide loans for the growth and development of the agricultural and industrial sectors. As these sectors expand, a number of employment opportunities are created for the public.

Bank Essay 4 (500 words)

Functions of Banks

The functions of banks have broadly been classified into two categories. These are the primary functions and the secondary functions. Here is a look at these in detail:

Primary Functions

Primary functions are the main functions of the banks. These include accepting deposits and providing loans. Here is a brief look at these functions:

Accepting Deposits

These deposits are basically of four different types:

Current Deposits: This account is especially for the businessmen. These accounts offer facilities such as overdraft that are beneficial for the businesses. No interest is paid in this account.

Fixed Deposits: In a fixed deposit a considerable big amount is deposited in the account for a fixed period of time. The rate of interest is high in such deposits.

Recurring Deposits: A certain amount is deposited at regular intervals in such an account. The rate of interest is high. However, the amount cannot be withdrawn before a certain period.

Providing Loans

Here are the types of loans and advances offered by the banks:

Loans: Loans are offered for both short term and long term period. The rate of interest charged on the same varies based on the type and duration of loan. It can be repaid in instalments.

Cash Credits: The customers have the facility to take cash credit up to a certain amount which is fixed in advanced. A separate cash credit account needs to be maintained for this.

Overdraft: This facility is for businessmen. It is thus provided to the current account holders. They do not require maintaining a separate account to avail this facility.

Secondary Functions

Secondary functions, also known as non-banking functions, are of two types. These are agency functions and general utility functions. Here is a brief look at both these types of functions:

Agency Functions

General Utility Functions

Discounting of bill of exchange is another service provided under this.

Bank Essay 5 (600 words)

Types of Banks

Here are the various types of banks and their functions:

National Banks

Retail Banks

Saving Banks

Commercial Banks

Investment Banks

Land Mortgage Banks

Co-operative Banks

Consumer Banks

Industrial Banks

Exchange Banks

BanksandBanking →

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Home — Essay Samples — Economics — Finances — Banking

Banking Essay Topics

The importance of writing an essay on banking.

Writing an essay on banking is important for several reasons. First and foremost, it allows students to gain a deeper understanding of the banking industry and its role in the economy. By researching and writing about banking, students can learn about the various functions of banks, the impact of banking on individuals and businesses, and the regulatory framework that governs the industry.

Additionally, writing an essay on banking can help students develop critical thinking and analytical skills. They will need to gather and evaluate information, form their own opinions, and present their findings in a clear and organized manner. These skills are not only valuable in academia but also in the professional world, where the ability to analyze and communicate complex information is highly sought after.

Writing Tips for an Essay on Banking

Choose a specific topic: Banking is a broad subject, so it's important to narrow down your focus. Consider writing about a specific aspect of banking, such as the role of central banks, the impact of digital banking, or the challenges facing the banking industry.
Conduct thorough research: Use a variety of reputable sources, such as academic journals, books, and industry reports, to gather information for your essay. Make sure to critically evaluate the information and consider multiple perspectives.
Organize your thoughts: Create an outline to help you structure your essay. This will ensure that your arguments flow logically and that you cover all the necessary points.
Support your arguments with evidence: Back up your claims with data, statistics, and examples. This will make your essay more convincing and credible.
Edit and proofread: Once you have written your essay, take the time to revise and edit it. Check for grammar and spelling errors, and make sure your writing is clear and concise.

Overall, writing an essay on banking can be a valuable learning experience that helps students develop a deeper understanding of the industry and build important skills for their academic and professional careers.

The role of banks in the economy
The impact of digital banking on traditional banking
The future of banking: trends and developments
The role of central banks in the financial system
The importance of financial regulation in banking
The impact of globalization on banking
The ethical considerations in banking practices
The role of technology in shaping the future of banking
The challenges and opportunities in the banking industry
The impact of the COVID-19 pandemic on banking
The role of consumer behavior in banking
The importance of financial literacy in banking
The role of banks in promoting financial inclusion
The impact of climate change on banking
The role of risk management in banking
The future of branch banking in a digital world
The impact of artificial intelligence on banking
The role of big data in banking
The importance of cybersecurity in banking
The impact of fintech on traditional banking
The role of banks in supporting small businesses
The impact of interest rates on banking
The role of banks in promoting sustainable finance
The impact of mergers and acquisitions on the banking industry
The role of corporate social responsibility in banking
The impact of monetary policy on banking
The role of investment banking in the financial system
The impact of banking on economic development
The role of banks in managing financial crises
The impact of mobile banking on traditional banking services
The role of banks in wealth management
The impact of demographic changes on banking
The role of banks in the mortgage market
The impact of banking on income inequality
The role of banks in the payment system
The impact of banking on personal finance
The role of banks in the foreign exchange market
The impact of banking on real estate markets
The role of banks in the bond market
The impact of banking on stock markets
The role of banks in the insurance industry
The impact of banking on retirement planning
The role of banks in the derivatives market
The impact of banking on corporate finance
The role of banks in the commodities market
The impact of banking on sovereign wealth funds
The role of banks in the private equity market
The impact of banking on venture capital
The role of banks in the hedge fund industry
The impact of banking on alternative investments

Banks play a crucial role in the economy by providing financial services to individuals, businesses, and governments. They facilitate the flow of funds and credit, which is essential for economic growth and development. Banks also play a key role in the payment system, money transmission, and the allocation of resources in the economy.

One of the primary functions of banks is to accept deposits from individuals and businesses and provide them with a safe place to store their money. This is important because it allows people to save and earn interest on their savings, which encourages thrift and investment. Banks also provide loans and credit to individuals and businesses, which helps to finance consumption and investment.

Banks also play a crucial role in the payment system by providing a means for people to make and receive payments. This is important because it allows for the efficient exchange of goods and services, which is essential for economic activity. Banks also provide money transmission services, which allow people to send and receive funds domestically and internationally.

In addition to providing financial services to individuals and businesses, banks also play a key role in the government's fiscal operations. They help to finance government spending by purchasing government securities and lending money to the government. This is important because it helps to fund public infrastructure and services, which are essential for economic development.

Overall, banks play a crucial role in the economy by providing financial services to individuals, businesses, and governments. They facilitate the flow of funds and credit, which is essential for economic growth and development. Banks also play a key role in the payment system, money transmission, and the allocation of resources in the economy. Without banks, the economy would not be able to function effectively, and economic development would be hindered. Therefore, banks are an essential part of the financial system and play a crucial role in the economy.

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Essays on Banking and Financial Intermediation

I study financial intermediation and optimal regulation through the lens of banking theory and applied corporate finance. In my understanding, the theory on banking is primarily the theory on bank runs. And the key questions I have been pursuing to answer are the causes of runs in both the traditional and shadow banking sectors and the roles of the market and the regulator in maintaining financial stability. I start with the shadow banking system outside the traditional regulatory framework, which accumulated tremendous risks and led to a major financial crisis. Why don’t we simply shut down the shadow banking sector? Chapter 1 examines the role of shadow banking and optimal shadow bank regulation by developing a bank run model featuring the tradeoff between financial innovation and systemic risk. In my model, the traditional banking sector is regulated such that it can credibly provide safe assets, while a shadow banking sector creates space for beneficial investment opportunities created by financial innovation but also provides regulatory arbitrage opportunities for non-innovative banks. Systemic risk arises from the negative externalities of asset liquidation in the shadow banking sector, which may lead to a self-fulfilling recession and costly government bailouts. Heavy regulatory punishment on systemically important shadow banks controls existing systemic risk and has a deterrent effect on its accumulation ex ante. My paper is the first to formalize the designation authority of a macro-prudential regulator in systemic risk regulation. I then switch from the assets side to the liabilities side on the bank’s balance sheet. Chapter 2 introduces informed agents to the banking model and proposes a novel role of deposit insurance in fostering market discipline. While the moral hazard problem brought by deposit insurance weakens market discipline, I show that the opposite can be true when the insurance stabilizes uninformed funding and increases the benefits of monitoring through information acquisition. Knowing the bank asset type, informed depositors utilize the demand deposits as a monitoring device and discipline the bank into holding good assets. However, self-fulfilling bank runs initiated by uninformed depositors erodes the future returns, inducing more depositors to forgo information acquisition and act like uninformed depositors. A novel role of deposit insurance emerges from the strategic complementarity between monitoring efforts and stability of uninformed funding. A capped deposit insurance, by stabilizing the retail funding of the bank, restores wholesale depositors’ monitoring incentives and benefits market discipline. I examine the role of information in generating bank runs in Chapter 3, where I explore the relationship between redemption price and run risks in a model of money market fund industry. Money market funds compete with commercial banks by issuing demandable shares with stable redemption price, transforming risky assets into money-like claims outside the traditional banking sector. Floating net asset value (NAV) is widely believed a solution to money market fund runs by removing the first-mover advantages. In a coordination game model a la Angeletos and Werning (2006), I show that the floating net asset value, which allows investors to redeem shares at market-based price rather than book value, may lead to more self-fulfilling runs. Compared to stable net asset value, which becomes informative only when the regime is abandoned, the floating net asset value acts as a public noisy signal, coordinating investors’ behaviors and resulting in multiplicity. The destabilizing effect increases when investors’ capacity of acquiring private information is constrained. The model implications are consistent with a surge in the conversion from prime to government institutional funds in 2016, when the floating net asset value requirement on the former is the centerpiece of the money market fund reform.

Banks and banking
Intermediation (Finance)
Corporations--Finance
Nonbank financial institutions

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The evolution of banking in the 21st century

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Evidence and regulatory implications, samuel g. hanson , samuel g. hanson marvin bower associate professor - harvard business school victoria ivashina , victoria ivashina professor of business administration - harvard business school laura nicolae , laura nicolae ph.d. candidate - harvard university @lauramnicolae jeremy c. stein , jeremy c. stein moise y. safra professor of economics - harvard university adi sunderam , and adi sunderam professor - harvard university daniel k. tarullo daniel k. tarullo nonresident senior fellow - economic studies , the hutchins center on fiscal and monetary policy.

March 27, 2024

The paper summarized here is part of the spring 2024 edition of the Brookings Papers on Economic Activity , the leading conference series and journal in economics for timely, cutting-edge research about real-world policy issues. Research findings are presented in a clear and accessible style to maximize their impact on economic understanding and policymaking. The editors are Brookings Nonresident Senior Fellows Janice Eberly and Jón Steinsson .

See the spring 2024 BPEA event page to watch paper presentations and read summaries of all the papers from this edition. Submit a proposal to present at a future BPEA conference here .

Uninsured deposits should be subjected to tougher regulatory requirements to guard against the type of rapid runs that toppled three large regional banks last spring, suggests a paper discussed at the Brookings Papers on Economic Activity (BPEA) conference on March 29.

In the wake of the failures of Silicon Valley Bank, Signature Bank, and First Republic Bank (three of the four largest bank failures in U.S. history), the authors look at two trends over the past quarter century—the substantial growth of uninsured deposits and the migration of business lending to non-banks. The trends challenged the failed banks and banks like them, and in some cases left them vulnerable to runs. And, using a simple model they constructed, the authors assess regulatory options for reducing the risk of destabilizing runs.

“One of the most striking developments that we document … is a dramatic growth in the economy-wide ratio of bank deposits to GDP [gross domestic product], with much of this growth coming from large uninsured deposits,” write Samuel G. Hanson, Victoria Ivashina, Laura Nicolae, Jeremy C. Stein, Adi Sunderam, and Daniel K. Tarullo, all from Harvard University.

According to their paper—”The Evolution of Banking in the 21 st Century: Evidence and Regulatory Implications ” —total deposits in the fourth quarter of 1995 were 49% of GDP, with 20% of those deposits uninsured. By the third quarter of 2023, total deposits were 75% of GDP, 39% of them uninsured. Adding to that vulnerability, technology and social media have made it increasingly easier for large depositors to quickly withdraw their money.

Meanwhile, banks with the most rapid growth in deposits have seen the biggest declines in business lending, which has migrated toward non-bank entities such as securitization vehicles, mutual funds, insurance companies, and, in recent years, private-credit funds and business development companies. (Smaller community banks tend to specialize in lending to smaller firms and have been less affected by the growth of non-bank institutions.)

Instead of lending to large- and medium-size businesses, regional banks have shifted toward investing in longer-term Treasury securities and government-guaranteed mortgage backed securities. Those securities have little or no credit risk (the risk of default) but they are subject to interest-rate risk. When interest rates rise sharply, as they did in 2022 when the Federal Reserve raised rates to fight inflation, existing long-term securities lose value because investors can earn more from newly issued securities.

To reduce the risk of runs, the authors looked at expanding federal deposit insurance to cover all or most deposits. But that expansion of the government’s footprint would increase taxpayer exposure and could weaken banks’ incentives to guard against risk. Also, in the case of banks that have shifted away from lending, it would in effect subsidize bond holding rather than lending.

Instead, the authors favor strengthening liquidity regulations, which aim to ensure banks have funds available to meet deposit withdrawals. The authors would require banks with more than $100 billion in assets to back their uninsured deposits by pre-positioning collateral, largely in the form of short-term government securities, at the Federal Reserve. That requirement would enable them to withstand a run by borrowing from the Fed’s discount window and would encourage them to shift their asset-mix away from longer-term securities and toward short-term securities, which are much less subject to interest-rate risk.

The authors also recommend that regulators re-think rules that, except for the eight largest U.S. banks, shield regulatory capital from reflecting most market losses on the securities banks hold.

And, the authors recommend that regulators “look more positively on proposed mergers of mid-size regionals and on acquisitions of smaller banks by mid-sized regionals.” That could either help regionals to better compete with the largest banks or could aid in wringing out excess capacity to the extent that the business model of the regionals continues to be under pressure.

Hanson, Samuel, Victoria Ivashina, Laura Nicolae, Jeremy Stein, Adi Sunderam, and Daniel Tarullo. 2024. “The evolution of banking in the 21st century: Evidence and regulatory implications.” BPEA Conference Draft, Spring.

David Skidmore authored the summary language for this paper. Chris Miller assisted with data visualization.

Stein and Tarullo are former members of the Federal Reserve Board of Governors. Sunderam was a visiting scholar at the Federal Reserve Bank of Boston from January-June 2023, and Ivashina has been a visiting scholar there since 2015. The authors did not receive financial support from any firm or person for this article or, other than the aforementioned, from any firm or person with a financial or political interest in this article. The authors are not currently an officer, director, or board member of any organization with a financial or political interest in this article.

Economic Studies

Brookings Papers on Economic Activity

Aaron Klein

March 18, 2024

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David Wessel

March 12, 2024

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Essay On Bank Privatisation Pros And Cons {Step by Step Guide}

Hello My Dear Friends, In this post “ Essay On Bank Privatisation Pros And Cons “, We will read the Privatisation of Bank as an Essay In Details. So…

Let’s Start…

Essay On Bank Privatisation

Introduction.

Privatization means selling Whole or Partially a Govt. Sector Company to Private Sector. Or in Other Words, Transferring Ownership to Private Sector. This Step Was also taken in 1991 in New Economic Reform to Reform India’s Economy.

Privatization is considered to bring efficiency and accuracy to a company. The market share of private banks on loans has risen to 36% by 2020 from 21.26% in 2015, while the share of public sector banks has dropped to 59.8% from 74.28%.

Competition has intensified after the RBI has allowed more independent banks since the 1990s. PSBs have higher NPAs than private sector banks. PSBs have underperformed in comparison to private banks.

PM Narendra Modi said that it is the responsibility of the government to give full support to the enterprise and business of the country. But the government itself should run the enterprise and remain its owner, in today’s era it is neither necessary nor is it possible.

The government’s focus should be on the projects related to people’s welfare and development. PM Narendra Modi also said that such a system has to be created in the country, in which there is no lack of government and there is the influence of the government.

Along with the investment, private sectors also bring top-quality manpower, management, as well as global best practices. And this makes things more modern, modernization takes place in the whole sector, the sector expands rapidly and new job opportunities are also created.

Therefore, by monetize and modernize we can increase the efficiency of the entire economy more.

Currently, the government is reportedly looking into the possibility of Punjab & Sind Bank, Maharashtra Bank, and the Indian Overseas Bank , which is currently not part of the existing consolidation program.

It is noteworthy that, there are twelve state-owned banks in India and this comes after a recent merger involving the merger of ten government lenders in four banks. The government wanted the merger of the banks so that they could increase their competition.

Niti Aayog reportedly suggested that the government provide a green flag for “long-term private capital” in the banking sector. Also, it is recommended to provide banking licenses to a few who have built industrial houses with clear instructions that they do not lend to group companies.

According to the Reserve Bank of India’s (RBI) policy on universal banking licenses, large industrial houses are allowed to enter 10 percent but are not eligible as “eligible entities” facilities for operating banks.

The ownership and management of state-owned banks are regulated by the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.

Essay On NPA In Indian Banks
Essay On Bank Fraud In India

Why Banks Privatise and What Will Be Its Impact

Improving the Efficiency and Performance of Public Sector Banks (PSBs) is a key element of India’s economic transformation. It is believed to help improve performance and performance.

India is the Largest Country in Southeast Asia with a Large Financial System represented by many financial institutions. India’s financial sector was well developed even before the country’s political independence in 1947.

Bank Privatisation Pros And Cons

How to privatise banks.

Public companies can be converted into private companies in two ways:

One option is to sell a controlling stake to a private entity in India.
The second option for the government is to let its equity States in public sector banks drop below 50%.

Conclusion (Essay On Bank Privatisation)

Any large-scale privatization of public sector banks appears to be fraught with problems. and In the medium term, the best solution is improving governance at public sector banks.

Good, timely as transparent appointments are required at PSBs. Adequate tenure is required to give to chief executive officers. Good quality independent directors are required on PSB boards.

The government is required to play as a regulator rather than the director of the bank. And nudge the PSB management through government nominees rather than through the department of financial services.

Thanks For Reading “ Essay On Bank Privatisation Pros And Cons “.

Essay On Electric Cars In 1000+ Words | Electric Cars Essay In English

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The riskiness of credit origins and downside risks to economic activity.

Author/Editor:

Claudio Raddatz ; Dulani Seneviratne ; Jerome Vandenbussche ; Peichu Xie ; Yizhi Xu

Publication Date:

March 29, 2024

Electronic Access:

Free Download . Use the free Adobe Acrobat Reader to view this PDF file

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

We construct a country-level indicator capturing the extent to which aggregate bank credit growth originates from banks with a relatively riskier profile, which we label the Riskiness of Credit Origins (RCO). Using bank-level data from 42 countries over more than two decades, we document that RCO variations over time are a feature of the credit cycle. RCO also robustly predicts downside risks to GDP growth even after controlling for aggregate bank credit growth and financial conditions, among other determinants. RCO’s explanatory power comes from its relationship with asset quality, investor and banking sector sentiment, as well as future banking sector resilience. Our findings underscore the importance of bank heterogeneity for theories of the credit cycle and financial stability policy.

Working Paper No. 2024/072

9798400270765/1018-5941

WPIEA2024072

Please address any questions about this title to [email protected]

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ECB Forum on Central Banking - 2024

The theme of the 2024 ECB Forum on Central Banking will be “Monetary policy in an era of transformation”. The Forum will take place from 1 to 3 July 2024 in Sintra.

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Different types of essays: what students need to know about essay writing, getting an assignment to write an essay is one of the most frequent tasks for students, regardless of the academic field.

Embracing the bright side: A guide on how to cultivate optimism

The power of solitude: Why you should go on a solo trip

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Published: Mon 1 Apr 2024, 3:02 PM

When it comes to writing essays, a lot depends on the structural and thematic requirements you have to comply with. If you succeed, you will be able to get an A+ result. In this guide, let’s figure out what types of essays you may come across as a student.

What Are the Different Types of Essays for Students to Master

Getting an assignment to write an essay is one of the most frequent tasks for students, regardless of the academic field. This type of assignment comes with a range of purposes and can have a different impact on the reader — either to provide new information or to persuade the audience that someone’s point of view is correct.

Nonetheless, essay projects aren’t created equally. You may come across multiple variations, and it is better to understand their divergence to boost your chances of getting an A+ grade. In this guide, we’ll introduce the most popular essay types that students and writers from WriteMyPapers deal with. Let’s dig in!

Narrative Essays

You will definitely need to write such essay at some point in your studies, whether you are a high school, college, or university student. Narrative essay is a story with the use of the third-person perspective, where an author tells readers more about what happened to them in person or any other event they would like to share with the target audience.

The general structure of the narrative essay is the same — an introductory part, a body, and a conclusion. What differs is what thoughts and statements you highlight in each section. In the case of narrative essays, the climax is at the end of the body part, which harmoniously leads to the character’s reflections in the end. By some means, it is pretty similar to fiction but a short one.

Argumentative Essays

This essay type takes discussions to the next level. The goal is to make a fact-based and data-driven statement in support of a certain stance. To defend your perspective, you have to back up your vision with relevant points, logical reasons, and statistics if needed.

Compared to other essay types, an argumentative essay is more research-focused writing with an accent on your ability to collect and analyse information from multiple sources rather than your creativity. Your argument has to be based on credible data only. Otherwise, counterarguments will win over easily.

In the introduction part, students should provide their thesis statement, illustrate the reasons for its validity in the body, and summarise their findings in the end.

Expository Essays

Contrary to argumentative essays, where you do your best to prove the value of your point of view, in this essay type, you should thoroughly analyse the topic’s strengths and weaknesses — no need for personal vision. You don’t have to get in-depth insights from related credible sources, which makes the project a bit easier. For instance, you may describe a famous author’s biography in such texts and highlight their legacy. Nonetheless, it doesn’t mean that an expository essay without a clear structure and logical format will be acceptable. So, make sure to follow the classic essay structure.

Descriptive Essays

This essay type has more similarities with a narrative essay rather than an expository essay, despite their titles. This type is more poetic and creative. It is a piece of creative writing where you are welcome to use figurative language to engage the reader and make them read the entire text. The selection of hyperboles, metaphors, insider jokes, etc., is meant to have an impact on the audience’s senses. The more, the better — work on including the descriptions of sensory feelings.

You implement a sensory hook instead of a thesis statement in the body. The conclusion section still performs the role of the project’s summary but in a more creative form.

Persuasive Essays

Exactly what its title implies, this type of essay is aimed at convincing the audience to share the same opinion as the author. The difference between persuasive and argumentative formats is that the first category is highly personalised — the use of casual speech and figurative language is more than welcome. The conclusion section includes a call to action that supports the writer’s standpoint and engages readers to participate in further discussions and research on the matter.

Critical Essays

This essay is an in-depth and analytical writing for estimating a work of art. Not only is it efficient in delivering vital insights that assist the audience in comprehending the theme, but it also shares the author’s view on it. There are three main parts of critical essays:

A thesis statement plays the role of a central claim of the paper, but it may obtain more traits and provide a hint on potential counterarguments too.
The body of the text is all about providing evidence of the topic and statement. If you are to analyse a writer’s novel, you are welcome to provide details on its imagery, structure, word choice, and other elements.
In conclusion you rephrase your findings and emphasise the most crucial insights to prove your thesis statement.

Please note that critical essays aren’t the summary of the plot you are asked to analyse. This essay type shows students’ vision of the events and phenomena that are backed up by citations to the original piece and other sources of data.

Final Thoughts

These types of essays may have other subtypes, like personal narrative essays, but the types above are the most widespread assignments.

Once you learn more about each type, you will be on the right track to mastering academic writing. As you can see, every type of essay has a unique set of writing requirements to represent the main idea and satisfy the text’s overall format. Remember to practice each essay type. Even if you don’t have any related assignments at the moment, why not use this opportunity for training purposes?

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Regions Riding Forward® Scholarship Contest

Their Story. Your Voice.

Your voice is your own. But it's also been impacted by others. Who, we wonder, has inspired you? Let us know by entering the Regions Riding Forward Scholarship Contest.

You could win an $8,000 college scholarship

For the opportunity to win an $8,000 scholarship, submit a video or written essay about an individual you know personally (who lives in your community) who has inspired you and helped you build the confidence you need to achieve your goals.

The details

The 2024 Regions Riding Forward Scholarship Contest consists of four (4) separate Quarterly Contests - one for each calendar quarter of 2024. Regions is awarding four $8,000 scholarships through each Quarterly Contest.

Each Quarterly Contest has its own separate entry period, as provided in the chart below.

The entry deadline for each Quarterly Contest is 11:59:59 PM Central Time on the applicable Quarterly Contest period end date (set forth in the chart above).

No purchase or banking relationship required.

Regions believes in supporting the students whose passion and actions every day will continue to make stories worth sharing. That’s why we have awarded over $1 million in total scholarships to high school and college students.

How to enter, 1. complete an online quarterly contest application.

Enter the Regions Riding Forward Scholarship Contest by completing a Quarterly Contest application. The second Quarterly Contest runs from April 1, 2024 through June 30, 2024. Complete and save all requested information.

2. Prepare your Written Essay or Video Essay

For each Quarterly Contest, the topic of your Written Essay or Video Essay (your “Essay Topic”) must be an individual you know personally, who lives in your community. Your Written Essay or Video Essay must address how the individual you have selected as your Essay Topic has inspired you and helped you build the confidence you need to achieve your goals.

Written Essay and Video Essay submissions must meet all of the requirements described in the contest Official Rules. Your Written Essay or Video Essay must be (i) in English, (ii) your own original work, created solely by you (and without the use of any means of artificial intelligence (“AI”)), and (iii) the exclusive property of you alone.

Written Essays must be 500 words or less. You can write your Written Essay directly in the application, or you can copy and paste it into the appropriate area in the application form.

Video Essay submissions must be directly uploaded to the contest application site. Video Essays must be no more than 3 minutes in length and no larger than 1 GB. Only the following file formats are accepted: MP4, MPG, MOV, AVI, and WMV. Video Essays must not contain music of any kind nor display any illegal, explicit, or inappropriate material, and Video Essays must not be password protected or require a log-in/sign-in to view. You must upload your Video Essay to the application, and you may not submit your Video Essay in DVD or other physical form. (Video Essays submitted via mail will not be reviewed or returned.)

Tips to Record Quality Videos on a Smartphone:

Don’t shoot vertical video. Computer monitors have landscape-oriented displays, so shoot your video horizontally.
Use a tripod. Even small movements can make a big difference when editing.
Don’t use zoom. If you need to get a close shot of the subject, move closer as zooming can cause pixilation.
Use natural lighting. Smartphone lighting can wash out your video.

3. Review and submit your Quarterly Contest application

Review your information on your Quarterly Application (and check the spelling of a Written Essay) and submit your entry by 11:59:59 p.m. Central Time on the applicable Quarterly Contest period end date. The second Quarterly Contest period end date is June 30, 2024.

4. Await notification

Winning entries are selected by an independent panel of judges who are not affiliated with Regions. If your entry is selected as a Quarterly Contest winner, you will need to respond to ISTS with the required information.

Eligibility

For purposes of this contest:

The “Eligible States” are defined as the following states: Alabama, Arkansas, Florida, Georgia, Iowa, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee and Texas.
An “accredited college” is defined as a nonprofit, two- or four-year college or university located within one of the fifty (50) United States or the District of Columbia.

To be eligible to enter this contest and to win an award in a Quarterly Contest, at the time of entry, you must:

Be a legal U.S. resident of one of the Eligible States.
Be age 16 or older.
Have at least one (1) year (or at least 18 semester hours) remaining before college graduation.
If you are not yet in college, begin your freshman year of college no later than the start of the 2025 – 2026 college academic school year.
As of your most recent school enrollment period, have a cumulative grade point average of at least 2.0 in school (and if no GPA is provided at school, be in “good standing” or the equivalent thereof in school).

View Official Rules

NO PURCHASE OR BANKING RELATIONSHIP REQUIRED. PURCHASE OR BANKING RELATIONSHIP WILL NOT INCREASE YOUR CHANCES OF WINNING. VOID WHERE PROHIBITED. The 2024 Regions Riding Forward Scholarship Contest (the “Contest”) consists of four (4) separate quarterly contests (each a “Quarterly Contest”): (1) the “Q-1 Contest;” (2) the “Q-2 Contest;” (3) the “Q-3 Contest;” and (4) the “Q-4 Contest.” The Q-1 Contest begins on 02/01/24 and ends on 03/31/24; the Q-2 Contest begins on 04/01/24 and ends on 06/30/24; the Q-3 Contest begins on 07/01/24 and ends on 09/30/24; and the Q-4 Contest begins on 10/01/24 and ends on 12/31/24. (For each Quarterly Contest, entries must be submitted and received by 11:59:59 PM CT on the applicable Quarterly Contest period end date.) To enter and participate in a particular Quarterly Contest, at the time of entry, you must: (a) be a legal U.S. resident of one of the Eligible States; (b) be 16 years of age or older; (c) have at least one (1) year (or at least 18 semester hours) remaining before college graduation; (d) (if you are not yet in college) begin your freshman year of college no later than the start of the 2025 – 2026 college academic school year; and (e) as of your most recent school enrollment period, have a cumulative grade point average of at least 2.0 in school (and if no grade point average is provided at school, be in “good standing” or the equivalent thereof in school). (For purposes of Contest, the “Eligible States” are defined as the states of AL, AR, FL, GA, IA, IL, IN, KY, LA, MS, MO, NC, SC, TN and TX.) Visit regions.com/ridingforward for complete Contest details, including eligibility and Written Essay and Video Essay requirements and Official Rules. (Limit one (1) entry per person, per Quarterly Contest.) For each Quarterly Contest, eligible entries will be grouped according to form of entry (Written Essay or Video Essay) and judged by a panel of independent, qualified judges. A total of four (4) Quarterly Contest Prizes will be awarded in each Quarterly Contest, consisting of two (2) Quarterly Contest Prizes for the Written Essay Entry Group and two (2) Quarterly Contest Prizes for the Video Essay Entry Group. Each Quarterly Contest Prize consists of a check in the amount of $8,000 made out to winner’s designated accredited college. (Limit one (1) Quarterly Contest Prize per person; a contestant is permitted to win only one (1) Quarterly Contest Prize through the Contest.) Sponsor: Regions Bank, 1900 Fifth Ave. N., Birmingham, AL 35203.

2023 Winners

High school:.

Amyrrean Acoff
Leon Aldridge
Kharis Andrews
Colton Collier
Indya Griffin
Christopher Hak
Aquil Hayes
Jayden Haynes
McKenna Jodoin
Paris Kelly
Liza Latimer
Dylan Lodle
Anna Mammarelli
Karrington Manley
Marcellus Odum
Gautami Palthepu
Melody Small
Lauryn Tanner
Joshua Wilson
Mohamed Ali
Kayla Bellamy
Lauren Boxx
Alexandria Brown
Samuel Brown
Thurston Brown
Conner Daehler
Tsehai de Souza
Anjel Echols
Samarion Flowers
Trinity Griffin
Kristina Hilton
Ryan Jensen
Miracle Jones
Shaniece McGhee
Chelby Melvin
Lamiya Ousley
Kiera Phillips
Gabrielle Pippins
Ethan Snead
Sydney Springs
Kirsten Tilford
Tamira Weeks
Justin Williams

2022 Winners

Paul Aucremann
William Booker
Robyn Cunningham
Kani'ya Davis
Oluwatomi Dugbo
Lillian Goins
Parker Hall
Collin Hatfield
Gabrielle Izu
Kylie Lauderdale
Jacob Milan
Jackson Mitchell
Carmen Moore
Madison Morgan
Kaden Oquelí-White
Kaylin Parks
Brian Perryman
De'Marco Riggins
Brianna Roundtree
Sydney Russell
Carlie Spore
Morgan Standifer
Ionia Thomas
Ramaya Thomas
Jaylen Toran
Amani Veals
Taylor Williams
Alana Wilson
Taryn Wilson
Aryaunna Armstrong
Hannah Blackwell
T'Aneka Bowers
Naomi Bradley
Arianna Cannon
Taylor Cline
Catherine Cummings
Margaret Fitzgerald
Chloe Franklin
Camryn Gaines
Thomas Greer
Kayla Helleson
Veronica Holmes
Logan Kurtz
Samuel Lambert
Jaylon Muchison
Teresa Odom
Andrew Payne
Carey Price
Emily SantiAnna
Curtis Smith
Jered Smith
Mariah Standifer
Maura Taylor
Anna Wilkes

NEWS... BUT NOT AS YOU KNOW IT

Is Good Friday a bank holiday?

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Womans hand with cross cropped hands of woman

Your cupboard is full of Easter Eggs, you’ve got fresh bedsheets on for that well-deserved lie-in and you’ll only need a light jacket outside.

But nothing quite says Spring like not one, not two but four Bank Holidays over the next three months.

Two of them are to celebrate Easter. While named for the pagan goddess of spring, it’s now one of the main festivals in the Christian calendar and is spread out over several days.

There are many Christian traditional days surrounding Easter , from Lent to Maundy Thursday and more.

One of the most well-known is Good Friday – although, let’s be honest, its origins sound mostly anything but good.

But is Good Friday a bank holiday?

Here is what you need to know.

You will be glad to know that not only is Good Friday a bank holiday, but it’s not a long way off either.

Good Friday will be observed on today – Friday , March 29.

However, before you rush off to the beach, park or pub, you should check in with work first.

Employers don’t have to give you paid leave on bank or public holidays .

It’s also worth remembering that some shops have different opening hours over bank holidays than at other times, especially over Easter.

Why do we call it Good Friday?

Anyone who has watched the Passion of Christ might be wondering why the day Jesus was brutally crucified is called ‘Good Friday’.

The Oxford English Dictionary suggests the ‘good’ is more about it being a holy day.

However, some Catholic scholars feel it’s a Chinese-whipsters-style corruption of ‘God’s Friday’ or a similar-sounding phrase.

Why does Easter change dates?

Unlike Christmas, Good Friday doesn’t have a fixed date. As much as it always lands on – you guessed it – a Friday, it isn’t the same date every day.

This is because it all depends on when Easter is, which in turn depends on the moon. Easter coincides with the first Sunday after the first full moon following the vernal equinox.

Why is this? Well, early Christians wanted Easter to happen at the same time as Passover as Christ’s death happened after it. Passover, however, is tied to the solar and lunar cycles, making the date up in the air.

There’s also the not-as-well-known Good Wednesday, also called Holy Wednesday, which commemorates the day Judas decided to betray Jesus.

Sadly, though, that’s not a bank holiday.

What other bank holidays are coming up?

If you are lucky enough to get bank holidays off of work, the excellent news is you don’t have long to wait for the next one!

Easter Monday is also a bank holiday, meaning that a four-day weekend is for many.

Lucky for some…

Remaining bank holidays in 2024

Here is a complete list of upcoming bank holidays:

March 29 – Friday – Good Monday
April 1 – Monday – Easter Monday
May 6 – Monday – Early May bank holiday
May 27 – Monday – Spring Bank holiday
August 26 – Monday – Summer Bank holiday
December 25 – Wednesday – Christmas Day
December 26 – Thursday – Boxing Day

Why do we have bank holidays?

Of all people, it’s bankers you have to thank for getting all these days off.

Then again, the word ‘bank’ was a pretty good hint here.

Sir John Lubbock, a banker and the first Baron of Avebury, drafted the Bank Holiday Act in 1871 which designated everything from Easter Monday to New Year’s Day as a public holiday for banks and other financial buildings.

At the time, Good Friday wasn’t included in the act for people in England, Wales and Ireland as the day was already widely considered a day of rest.

The Right Honourable John Lubbock, 1st Baron Avebury, 1834 –1913, aka Sir John Lubbock, 4th Baronet

Over time, however, businesses, schools, shops and the government joined in – who doesn’t love a Monday or Friday off, to be fair?

For an entire century, each part of the UK had different designated bank holidays. But the Banking and Financial Dealings Act 1971 changed that, while New Year’s Day and May Day applied to the whole of the UK a few years later.

The royal family can also add extra bank holidays (remember ‘Platy Jubes’?).

Some people feel we need even more bank holidays – the UK has barely any compared to some countries in Europe.

St George’s Day and a ‘UK Day’ are among the new days off pitched over the years by politicians, while some people in Cornwall get March 5 off for St Piran’s Day.

MORE : Are there any travel disruptions across Easter 2023 in London?

MORE : B&Q, Homebase, Wickes, and ScrewFix opening times for Good Friday, Easter Sunday and Monday 2023

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