Question

V. Answer the following in 5-6 sentences each :
10. What are the functions of Banks ?
OR
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Answer 1

Functions of Commercial Banks: - Primary functions include accepting deposits, granting loans, advances, cash, credit, overdraft and discounting of bills. - Secondary functions include issuing letter of credit, undertaking safe custody of valuables, providing consumer finance, educational loans, etc.

Answer 2

1. They keep the money of the people in its safe custody

2. They give interest on the deposited money to the people

3. They mediate between the people who have surplus money and those who are in need of money

4. They provide loans to large number of people at low interest rate

5. They promote agricultural and industrial sector by loaning them with money

6. They also provide money for different organizations

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