The Central Bank is defined by various authorities as follows:
R.G. Hawtrey defines Central Bank as “the lender of last resort”.
Kisch and Elvin hold the view that the essential function of a Central Bank is the maintenance of the stability of monetary standard.
Shaw W.A. defines the Central Bank as “the bank whose main function is control of credit”.
Vera Smith holds as, “the primary definition of central banking is a system in which a single bank has either a complete or a residuary monopoly in the note issue”.
Sayers R.S. claimed as, “The business of a Central Bank is to control the commercial banks in such a way as to promote the general monetary policy of the state”.
The above definitions are not sufficient because they do not provide the entire picture and idea of the Central Bank. Thus, it can be defined as, “the strategic level, banking and monetary institutions primarily engaging in controlling, and regulating the banking and monetary systems of the country for the progress of the economy”.