Types of Business Services - Banking

Distinguish between.

Central Bank and Commercial Bank

Justify the following statement.

Business services are necessary.

Explain the utility function of banks?

_________ banking refers to the use of banking services with the help of mobile phones.

State four types of deposits.

What is demand deposits?

Study the following case/situation and express your opinion

Shirish shifted some furniture to his office and issues a cheque of Rs. 20000/- to MV Movers Limited. Balance in his account is Rs. 15000 still bank clears the cheque. Shirish also wants to renovate his office so he applies for a loan of Rs. 25 lacs which bank sanctions and transfer the amount to loan account. But Shirish withdrew only Rs. 15 lacs. Shirish accepted a bills of exchange for Rs. 5 lacs drawn upon him by M/s. Creative Furnitures for supplying new furniture for his office it is due on 31st May, 2021 but M/s. Creative Furnitures needed money on 1st April, 2021. They got Rs. 4.75 lacs from the bank on the basis of the same bills of exchange.

1. Name the type of account Shirish must be operating
2. On which amount Shirish will have to pay interest on loan?
3. Which service did the bank make available to easy M/s. Creative Furnitures while paying rupees 4.75 lacs?

Explain the following term/concept.

Banking