Answer the questions in about 20-30 words. 7. Mention the two functions that a financial institution must perform to become a commercial bank
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Accepting deposits and advancing loans are the needed function which is needed for a financial institution to become a bank. Through these two functions banks can perform credit creation function.
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The primary functions of a commercial bank are accepting deposits and also lending funds. Deposits are savings, current, or time deposits. Also, a commercial bank lends funds to its customers in the form of loans and advances, cash credit, overdraft and discounting of bills, etc.
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