Functions Of Indian Bank
 

Please tell me types of functions performed by Indian Bank, so that I can check it and remember them easily?

Re: Functions Of Indian Bank
 

Fell free I will let you know functions performed by Indian Banks for customers and economic, so that you can get idea about it.

Here telling you some functions

1. Acceptance of Deposits:
The main function of commercial banks is to accept deposits from the public. Banks maintains demand deposits accounts for their customers and converts deposit money into cash and vice versa, at the direction of the latter.

2. Giving Loans and Advances:
Another function of commercial banks is to extend loans and advances out of the money which comes to them by way of deposits to businessmen and entrepreneurs against approved securities such as gold or silver bullion, government securities, easily saleable stocks and shares and marketable goods.

3. Using Cheque System:
Banks also render important services by providing an expensive medium of exchange, such as cheques.

4. Other Functions:
Commercial banks also perform a multitude of other non-banking functions which may be classified as (a) agency services and (b) general utility services.

(a) Agency services:
The bankers perform certain functions for and on behalf of their customers, such as:
(i) To act as executor, trustee and attorney for the customers will.
(ii) To collect or make payments for bills, cheques, promissory notes, interest, dividends, rents, subscriptions, insurance premium, etc. For these services, some charges are usually levied by the banks.
(iii) To remit funds on behalf of the clients by drafts or mail or telegraphic transfers.

For full information please check the file