1.

State the various utility and agent banking facilities.

Answer»

Agency and utility services:

Under this a bank provides various facilities to its customers as follows:

  1. Letter of credit – Bank acts as a mediating agent for payment between exporter (in India) and Importer (in foreign country) especially when the parties are unknown to each other.
  2. Underwriting services .
  3. To pay tax challans
  4. Safe deposit vaults (lockers) – to store precious jewelry and documents safely
  5. Micro finance facilities – providing finance to small business for overall development of the community and economy as a whole


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