Differentiate between primary and secondary functions rendered by bank.
2 years ago
Banking
Primary functions of a commercial bank include:
(a) Accepting deposits: and
(b) Granting loans and advances. Secondary functions of a commercial bank include as follows:
(i) Issuing letters of credit traveller’s cheques, circular notes, etc.
(ii) Undertaking safe custody of valuables, important documents and securities by providing safe deposit vaults or lockers.
(iii) Providing customers with facilities of foreign exchange.
(iv) Collecting and supplying business information, etc.
Susmita Sah
Jan 16, 2022