Question

Explain the functions of commercial banks with an example of each.​

Answer 1

Answer:

Banks accept surplus money of people and provide loans and advances to the needy persons. It is through loans and advances, banks earn profit. Loans and advances are provided through banks in the following forms : (i) Loan, (ii) Overdraft, (iii) Cash credit, (iv) Discounting of bills and exchange.

Explanation:

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Answer 2

ᴀɴsᴡᴇʀ:-

☞ᴛʜᴇ ɪᴍᴘᴏʀᴛᴀɴᴛ ғᴜɴᴄᴛɪᴏɴ ᴏғ ᴄᴏᴍᴍᴇʀᴄɪᴀʟ ʙᴀɴᴋs ɪs ᴛᴏ ᴀᴄᴄᴇᴘᴛ ᴅᴇᴘᴏsɪᴛs ғʀᴏᴍ ᴛʜᴇ ᴘᴜʙʟɪᴄ. ᴠᴀʀɪᴏᴜs sᴇᴄᴛɪᴏɴs ᴏғ sᴏᴄɪᴇᴛʏ ᴀᴄᴄᴏʀᴅɪɴɢ ᴛᴏ ᴛʜᴇɪʀ ɴᴇᴇᴅs ᴀɴᴅ ᴇᴄᴏɴᴏᴍɪᴄ ᴄᴏɴᴅɪᴛɪᴏɴ ᴅᴇᴘᴏsɪᴛ ᴛʜᴇɪʀ sᴀᴠɪɴɢs ᴡɪᴛʜ ᴛʜᴇ ʙᴀɴᴋs. ғᴏʀ ᴇxᴀᴍᴘʟᴇ ғɪxᴇᴅ ᴀɴᴅ ʟᴏᴡ ɪɴᴄᴏᴍᴇ ɢʀᴏᴜᴘ ᴘᴇᴏᴘʟᴇ ᴅᴇᴘᴏsɪᴛ ᴛʜᴇɪʀ sᴀᴠɪɴɢs ɪɴ sᴍᴀʟʟ ᴀᴍᴏᴜɴᴛs ғʀᴏᴍ ᴛʜᴇ ᴘᴏɪɴᴛs ᴏғ ᴠɪᴇᴡ ᴏғ sᴇᴄᴜʀɪᴛʏ ɪɴᴄᴏᴍᴇ ᴀɴᴅ sᴀᴠɪɴɢ ᴘʀᴏᴍᴏᴛɪᴏɴ.

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