Advertisements
Advertisements
Question
Answer the following question in short:
What are the agency functions of banks?
Solution
The agency functions of commercial banks can be defined as the functions in which these banks act as an agent to their customers. The following are the agency functions of commercial banks:
a. They collect cheques, dividends and interest on behalf of the customers and credit the amount in their accounts.
b. They pay rent, insurance, premium, etc., on behalf of customers and deduct the amount from their accounts
c. They buy and sell foreign exchange.
d. They buy and sell different securities like shares and debentures.
e. They receive travel tickets and letters and book vehicles on behalf of their customers.
f. They act as a trustee, executor of will, attorney, etc.
g. They help the customers in filing tax returns.
h. They provide the facility of bank draft that helps in remitting money from place to another.
i. They act as an underwriter on behalf of a company.
j. They provide the facility of dematerialised accounts to people dealing in shares and debentures.
APPEARS IN
RELATED QUESTIONS
Select the proper option from the options given below and rewrite the completed sentence.
In India railways are owned and managed by ________.
Select the proper option from the options given below and rewrite the completed sentence.
Door to door services is offered by ________.
Match the correct pairs:
| Group “A” | Group “B” | ||
| a. | RBI | 1 | Recurring deposit account |
| b. | Overdraft | 2 | 12 hours service |
| c. | Saving account | 3 | Withdrawals after fixed period of time |
| d. | ATM | 4 | Central Bank |
| e. | Fixed deposit account |
5 | Current Account |
| 6 | Salaried people | ||
| 7 | 24 hours service | ||
| 8 | Commercial bank | ||
| 9 | Cash credit | ||
| 10 | Withdrawal before fixed period of time. |
Match the correct pairs:
| Group “A” | Group “B” | ||
| a. | Road transport | 1 | Government owned |
| b. | Rail transport | 2 | Co-operative societies |
| c. | Air transport | 3 | Self employed |
| d. | Postal department | 4 | Owned by private companies |
| e. | Courier services | 5 | Door to door service |
| 6 | Owned by individuals | ||
| 7 | Costliest means of transport | ||
| 8 | Huge carrying capacity | ||
| 9 | Difficulty in transport | ||
| 10 | Cheapest means of transport |
Write a word or phrase or a term which can substitute the following:
Overdraft facility is given to a certain definite account holder.
Write a word or phrase or a term which can substitute the following:
An account holder enjoys the privileges of any number of withdrawals.
Write a word or phrase or a term which can substitute the following:
The type of insurance where the principle of indemnity is not applicable
Write a word or phrase or a term which can substitute the following:
The costliest mode of transport.
Write Short Note on the following:
Road transport
Write Short Note on the following:
Water transport
State with Reasons whether the following statement is TRUE or FALSE.
The principle of indemnity applies to life insurance.
State with Reasons whether the following statement is TRUE or FALSE.
Insured must have insurable interest in the subject matter at the time of taking the policy.
State with Reasons whether the following statement is TRUE or FALSE.
An individual must always tries to minimise the loss by fire as far as possible.
State with Reasons whether the following statement is TRUE or FALSE.
Duty paid warehouses help to provide storage for perishable commodities.
State with Reasons whether the following statement is TRUE or FALSE.
Transport helps in raising standard of living.
Answer the following question:
Describe the role of transport in modern times.
Answer the following question:
Describe the role of transport in modern times.
State with reasons whether the following statement is True or False.
Transport is useful in raising standard of living.
