Give reasons "Commercial banks provide agency functions to earn profits".
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Explanation:
Commercial banks provide agency functions to their customers besides the function of accepting of the deposits and granting of the loans. These functions may include:
1) Easy and inexpensive flow of funds from one location to another via mail transfers, request drafts, etc.
2) Collection and payment of funds on behalf of the clients through cheques and bills.
3) Sale and purchase of the securities and foreign exchange.
4) Provision of the facility for the sale of new shares and underwriting.
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