The
term ‘banker’ refers to a person or company carrying on the business of
receiving moneys, and collecting drafts, for customers subject to the
obligation of honouring cheques drawn upon them from time to time by the
customers to the extent of the amounts available on their current accounts.
There
are differences of opinion regarding the meaning of the term banker. We have discussed
here some of the important ones.
1.
Sheldon H.P.: “The function of receiving money from his
customers and repaying it by honouring their cheques as and when required is
the function above all other functions which distinguishes a banking business
from any other kind of business.”
2.
Sir John Paget: “No person or body corporate or otherwise can
be a banker who does not take deposit accounts, take current accounts, issue
and pay cheques and collect cheques crossed and uncrossed for his customers.”
3.
G. Crowther: “A banker is a dealer in debt, his own and
other people.”
