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प्रश्न
Explain the following term/concept:
Bank
उत्तर
1) Bank is a financial institution that deals in money. It is an institution which accepts money as deposits and lends money in different forms. It accepts money as deposits repayable on demand with interest, through cheques, draft, and order or otherwise. Bank earns a margin of profit by the lending amount collected as deposits at a higher rate of interest to trade and industry. It is a financial institution in which those people who have surplus and idle funds deposit in it and those who need funds borrow from it.
(2) Bank is an important institution in the money market where money itself is a commodity. It provides various types of services by performing two types of functions viz. Primary functions and secondary functions. The primary function of the bank includes accepting deposits and lending funds. Section 5 (c) of the Banking Regulation Act, 1949 defines a Banking Company “as any company which transacts the business of banking in India.”
APPEARS IN
संबंधित प्रश्न
Write a word or a term or a phase which can substitute the following statement:
The account which is generally opened by business organization.
Select the correct answer from the options given below and rewrite the statement.
Bank is a _______ institution
Select the correct answer from the options given below and rewrite the statement.
Resolution for opening Bank Account is passed in the _________ meeting.
Select the correct answer from the options given below and rewrite the statement.
__________ is used for depositing cash into a bank account.
Select the correct answer from the options given below and rewrite the statement.
The appointment of banker is usually made by the _______.
State whether the following statement is true or false :
Generally no interest is paid by bank on Current Account.
Complete the sentence:
A facility under which a customer can overdraw money from his account is called as ___________.
Select the correct option from below
| Group ‘A’ | Group ‘B’ |
| Overdraft | __________ |
Select the correct option from below
| Group ‘A’ | Group ‘B’ |
| International Trade Transactions | __________ |
Select the correct option from below
| Group ‘A’ | Group ‘B’ |
| ________________ | Current Account |
Answer in one sentence:
What is a Letter of Credit?
Answer in one sentence:
What do you mean by stop payment of cheque?
Attempt the following:
Write a letter to bank for opening a current account
Distinguish between the following:
Fixed deposit account and recurring deposit account
Distinguish between the following:
Current account and saving account:
Explain the following term/concept:
Savings Deposits
Correct the underlined word and rewrite the following sentence:
Accepting deposits is the secondary function of Banks.
Explain the following term/concept:
Fixed deposits
