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The functions of commercial banks are: (a) Primary functions (b) Secondary functions. Secondary functions may be of agency and general utility functions? Describe any three utility services? |
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Answer» General utility functions: 1. Accepting bills on behalf of customers: Banks accept bills on behalf of customers and make payments to the foreign exporter. 2. Issue of demand drafts and Banker’s cheques: Demand drafts and banker’s cheques are issued to the public and customers. 3. Safety lockers: Valuable documents, jewels can be kept in a vault provided by the bank for rent. |
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