what is a bank? function of bank
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a bank is: an institution that deals in money and its substitutes and provides other financial services. Banks accept deposits and make loans and derive a profit from the difference in the interest rates paid and charged, respectively.
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.A bank is a financial institution that accepts deposits from the public and creates credit. Lending activities can be performed either directly or indirectly through capital markets.
AGENCY FUNCTION....
Funds transfer
Cheques collection
Periodic payments/collection
Portfolio management
UTILITY FUNCTION....
Issue of draft, letter of credit etc :-Letter of credit acts as an assurance that in case the borrower defaults in making the payment, bank will make the payment up to the amount mentioned in letter of credit
Locker facility
Underwriting of shares
Dealing in foreign exchanges
Project reports
Social welfare programs
AGENCY FUNCTION....
Funds transfer
Cheques collection
Periodic payments/collection
Portfolio management
UTILITY FUNCTION....
Issue of draft, letter of credit etc :-Letter of credit acts as an assurance that in case the borrower defaults in making the payment, bank will make the payment up to the amount mentioned in letter of credit
Locker facility
Underwriting of shares
Dealing in foreign exchanges
Project reports
Social welfare programs
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