Meaning of commercial banks O Commercial banks is a profit based financial institution, they grants loans, accept deposits, O Provide facility, overdrafts and electronic Transfer of funds
Functions of commercial banks 1. Primary banks. 2. Secondary banks O PRIMARY FUNCTIONS: O Accepting deposits O Demand deposits O Time deposits
Secondary functions 1. Agency functions: O collecting cheques: behalf of the customer. O Collecting income: banks collects pension,rents,on behalf of the customer. O Paying expenses: the payments of various obligations, telephone bills,school fees,rents. 2. GENERAL UTILITY FUNCTION; O providing locker facility. Transferring funds. O Banks issue traveler cheques.
Other function O Creating money. O Electronic banking O Bank credit.
B.com second topper of institute since 5 years and have an 2 years tuition experience I want to become a professor, bank manager.