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  • Banks: Most Helpful To Every Man

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    This document defines banks and their importance. It notes that banks mobilize surplus funds, allow quick transfer of funds, develop rural areas, provide safe custody of deposits and bank money. There are 9 main types of banks including commercial, agricultural, industrial, cooperative, international, rural, savings, exchange and central banks. Banks offer various deposit types like fixed, savings, current and recurring accounts. They provide lending options such as loans, cash credit, bank overdraft and bill discounting. Banks also perform non-banking functions including agency services like cheque collection, payments, remittances, letters of credit and underwriting, as well as utility services.

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    Banks

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    This document defines banks and their importance. It notes that banks mobilize surplus funds, allow quick transfer of funds, develop rural areas, provide safe custody of deposits and bank money. There are 9 main types of banks including commercial, agricultural, industrial, cooperative, international, rural, savings, exchange and central banks. Banks offer various deposit types like fixed, savings, current and recurring accounts. They provide lending options such as loans, cash credit, bank overdraft and bill discounting. Banks also perform non-banking functions including agency services like cheque collection, payments, remittances, letters of credit and underwriting, as well as utility services.

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    9 views9 pages

    Banks: Most Helpful To Every Man

    Uploaded by

    pritamkumat
    This document defines banks and their importance. It notes that banks mobilize surplus funds, allow quick transfer of funds, develop rural areas, provide safe custody of deposits and bank money. There are 9 main types of banks including commercial, agricultural, industrial, cooperative, international, rural, savings, exchange and central banks. Banks offer various deposit types like fixed, savings, current and recurring accounts. They provide lending options such as loans, cash credit, bank overdraft and bill discounting. Banks also perform non-banking functions including agency services like cheque collection, payments, remittances, letters of credit and underwriting, as well as utility services.

    Copyright:

    Attribution Non-Commercial (BY-NC)
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    of 9

    BANKS

    MOST HELPFUL TO EVERY


    MAN…
     Banking Regulation Act defines
    BANKING COMPANY as,” A
    COMPANY WHICH
    TRANSACTS THE BUSINESS OF
    BANKING IN INDIA”

    DEFINITION
     Mobilization of surplus funds
     Quick transfer of funds
     Development of rural areas
     Safe custody
     Shareholding account
     Provision of bank money

    IMPORTANCE
     There are 9 types of banks:
    1. Commercial bank
    2. Agricultural bank
    3. Industrial bank
    4. Co-operative bank
    5. International bank
    6. Rural bank
    7. Savings bank

    TYPES OF
    8. Exchange bank
    9. Central bank

    BANKS
    Types of deposits are:-
    FIXED DEPOSIT
    SAVINGS ACCOUNT
    CURRENT ACCOUNT
    RECURRING ACCOUNT

    TYPES OF
    DEPOSITS
    LOANS
    CASH CREDIT
    BANK OVERDRAFT
    DISCOUNTING OF A BILL OF
    A EXCHANGE
    LENDING
    OPTIONS
    NON BANKING
    FUNCTIONS
    There are 2 non-banking FUNCTIONS

    1) Agency functions
    2) Utility functions
    Agency functions
    7 TYPES
     Collections Of Cheques
     PERIODICAL PAYMENTS
     REMITTANCE FACILITY
     LETTER TO CREDIT
     UNDERWRITTING OF SHARES
     CREDIT CARDS
    DEMAT ACCOUNT
    UTILITY FUNCTIONS
    TYPES

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