Question

What are the functions of a bank?

Answer 1

The functions of the bank are:

1. Accepting deposits from the public and others.

2. Lending money to public and other institutions in the form of loans.

3. Transferring money from one place to another (Remittence),

4. Collecting money by cheques, drafts and bills.

5. Discounting of bills.

6. Providing facility of safe *** lockers for account holders.

7. Performing foreign exchange transactions.

8. Performing government transactions.

9. Issuing letters of credit and guarantee.