list out the characteristics of bank transaction
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Answers
Explanation:
It may be an Individual/Firm/Company.
It is a profit and service oriented institution.
It acts as a connecting link between borrowers and lenders.
It deals with money.
It accepts deposits from public.
It provides Advances/Loans/Credit to customers.
Answer ⤵
Characteristics of a bank are :-
✴️ Dealing with money -- banks deal with money of the public.
✴️ Individual / Firm /Company -- bank may be person , firm or a company.
✴️ Acceptance of deposits -- banks accepts deposits from the public.
✴️ Leading loans -- Banks lead loans to to industrial sector , agriculture sector, education.
✴️Payment and withdrawal -- Banks facilitates the customers to withdraw their deposits in the form of cheque or drafts.
✴️ Agency and utility services -- Banks provide various banking facilities to its customers.
✴️ Profit and service Orientation --A bank is a profit seeking institution having service orinted approach.
✴️ Ever Increasing Functions -- bank continously expand and diversity their functions, services and activities.
✴️ Connecting link -- banks act as connected link between the depositors and borrowers.
✴️ Banking business -- The main activity of the bank is banking business that is accepting deposits from the customers and leading the same to those who need money.
✴️Name identity -- Banks always add 'bank' to their names.