describe the major function of banks
Answers
Answer:
The function of a Bank is to collect deposits from the public and lend those deposits for the development of Agriculture, Industry, Trade and Commerce. Bank pays interest at lower rates to the depositors and receives interests on loans and advances from them at higher rates.
Explanation:
In competitive exams, the topic functions of the bank form an important part of the question paper and its knowledge is crucial to score good marks.
Especially, candidates appearing for various bank exams such as IBPS Exam, SBI Exam or RBI exam definitely encounter questions related to important banking functions in the paper or at the time of interview.
For other graduate-level government examinations such as the SSC exam, the questions related to bank functions are asked under professional knowledge heading. Therefore, this article will walk you through important banking functions, their categories and more.
Candidates preparing for any competitive or government exams can check the following links for their preparation: