List out the characteristics relating to bank transactions..?
Answers
1) Dealing with money - banks deal with money of the public.
2) Individual / Firm / Company - bank may be person, firm or a company.
3) Acceptance of deposits - banks accepts deposits from the public.
4) Leading loans - Banks lead loans to industrial sector, agriculture sector, education.
5) Payment and withdrawal - Banks facilitate the customers to withdraw their deposits in the form of cheque or drafts.
6) Agency and utility services - Banks provide various banking facilities to its customers.
7) Profit and service orientation - A bank is a profit seeking institution having service orinted approach.
8) Ever Increasing Functions - bank continously expand and diversity their functions, services and activities.
9) Connecting link - banks act as connected link between the depositors and borrowers.
10) 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.
Answer:
- Dealing with money
- Individual/ firm / company
- Acceptance of Deposits
- Lending loans
- Payment and withdrawal
- Agency and utility services
- Profit and service orientation
- Even increasing function
- Connecting link
- Banking Business
- Name Identity.