Question

Visit nearest bank in your area and list down primary functions performed by such bank.

Answer 1

I visited a nearby bank branch and observed the main functions performed by the bank.

Primary functions of the bank:

1. Accepting Deposits: The bank accepts money from customers in the form of savings deposits, current deposits and fixed deposits.
2. Granting Loans and Advances: The bank provides loans and advances to individuals and businesses for different purposes.
3. Credit Creation: The bank creates credit by lending a part of the deposits received from customers.
4. Payment and Withdrawal Facility: Customers can deposit and withdraw money through cheques, ATMs, debit cards and other banking facilities.
5. Transfer of Funds: The bank helps customers transfer money from one account or place to another.

Thus, the main primary functions of a bank are accepting deposits and providing loans and advances.