- Definition of Banks and Commercial Banks
- Functions of Commercial Banks
- Ethical Issues in Banking
Definition of Banks
Banks are public limited liability companies that are in the business of providing financial services to customers and businesses.
They receive, transfer, pay, exchange, lend, invest and safeguard money and other valuables for people or companies.
Meaning of Commercial Bank
A commercial bank is a financial institution that renders financial activities/services to customers to make profit. It performs a number of functions which are listed below:
Functions of Commercial Banks/Services Provided by Commercial Banks
- Accepting deposits from depositors/customers
- Keeping money and valuables in safety for customers
- Assisting customers with loan and overdraft to start or expand their business
- Giving financial/investment advice to customers
- Trading in foreign currency and giving traveler’s cheque to customers travelling abroad.
- Assisting customers to transfer money from one country to another
- Acting as a trustee or guarantor on behalf of their customers.
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