Question

What do banks use to enable safe and fast money transfer from one place to another?

Options

• Only cash payments

• Tools like cheques, demand drafts, pay orders, and NEFT/RTGS

• Safe deposit lockers

• Credit creation process

Answer 1

Tools like cheques, demand drafts, pay orders, and NEFT/RTGS

Explanation: 

This function uses various credit instruments like drafts and electronic transfers, essential for commerce across locations.