Question

What Is Para-banking?

Answer 1

Banks can undertake certain eligible financial services or activities either departmentally or by setting up subsidiaries is called Para Banking. We could also define Para banking activities as the activities which are done by a Bank apart from its normal day to day activities (like deposit, withdrawal etc.).

Answer 2

Answer:

Para banking activities refer to those activities carried out by the bank which are other than their normal day-to-day activities (deposits withdrawals, giving credit/ etc.). ... Banks can do these activities either departmentally or by setting up subsidiaries to undertake the type of business.

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