Understanding the reason for banking will assist in determining the success of the Public Bank Of Canada. These factors will be examined in conjunction with the Canada Bank Act [1 ,2, 3, 4, 5, 6, 7 ].
The question to be answered, herein, is: " Can a bank successfully operate in Canada; with global impact, by avoiding charging interest on loans?" The objective is to steward business between lender and consumer by charging only a reasonable operating fee : i.e., loans without interest; plus, costs.
Three comparisons will be offered here for consideration:
- Federal Reserve Bank of The USA
- Bank Of Canada; and,
- Grameen Bank of India
A documentary named MoneyMasters may be reviewed as a contemporary comment of the history of banking in the modern world.
The principal purpose of banking is generally defined as being to establish a network of tangible exchange of currency : wherein, currency is that which has economic importance; specifically, that there is a demand for the product or service.
Outside of Canada - in Malaysia - The Public Bank Berhad [PBB]- is structured to maximize profit in conjunction with providing optimum client services.
The Public Bank Of Canada's [PBC] mission is more aligned to the ethic of the Grameen Bank. And, there is no association or corporate business between Public Bank of Canada and PBB.
