Maharashtra State BoardHSC Arts 12th Board Exam
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Answer with Reasons Whether You Agree Or Disagree with the Following Statement: the Commercial Banks Perform Many Useful Works for the People. - Economics

Answer with reasons whether you agree or disagree with the following statement: 

The commercial banks perform many useful works for the people. 

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Solution

 ​Yes, we agree with the given statement. Apart from providing primary services and agency services to their customers, banks also provide some general utility services for the general public. For providing such services, banks charge some commission.

These utility services include: -
i. Commercial banks provide safe deposit vault/ locker facility to its customers to keep their valuables.
ii. Remittance of funds through mail transfer,demand draft, mail transfers, etc.
iii. The facility of letters of credit by commercial banks enables the traders to purchase goods on credit.
v. Commercial banks provide reference/ status report with respect to financial standing, frequency of payment.
vi. Underwriting facility for shares and debentures is another function performed by commercial banks.

 

Concept: Commercial Banks
  Is there an error in this question or solution?
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