write the function of commercial banks?
Answers
Refers to one of the important functions of commercial banks. The public deposits are used by commercial banks for the purpose of granting loans to individuals and businesses. Commercial banks grant loans in the form of overdraft, cash credit, and discounting bills of exchange.
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The basic functions of commercial banks are:
1.Commercial banks should give loans not just to high class people or wealthy people, but it should provide to small farmers, small cultivator and etc.
2.They are required to a small part of their cash reserves with RBI(reserve bank of India), besides maintaining a minimum cash balance out of the deposits they receive.
3.Commercial banks have to submit the lending information details to the (Reserve Bank of India)RBI.
4.They should provide loans at lower interest.
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