Question

Which of the following is not the agency function of the banks?

Options

• Making and collecting payments on behalf of their customers.

• Providing lockers facilities.

• Acting as the agent of their customers in the sale and purchase of stocks and shares.

• Providing the services of buying and selling foreign currency.

Answer 1

Providing lockers facilities.

Explanation:

• Agency functions of banks include activities like making/collecting payments, acting as an agent in stock transactions, and buying/selling foreign currency on behalf of customers.
• Providing locker facilities is a general utility function, not an agency function.