Functions of Banks

Functions of Banks

• Acceptance of money on deposit from the public.

• Collection of cheques, drafts, bills, hundis, and other instruments (inland and foreign) for their depositors.

• Issue of performance and financial guarantees.

• Provision of remittance facilities by issue of drafts, mail transfers, and telegraphic transfers.

• Provision of facilities of safe custody of deeds and securities and safe deposits vaults.

• Purchase and sale of securities for their constituents.