Gujarat BoardEnglish MediumSTD 12 CommerceEconomicsBANKING AND MONETARY POLICY3 Marks
Question
State the various utility and agent banking facilities.
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Answer
Agency and utility services: Under this a bank provides various facilities to its customers as follows: Letter of credit – Bank acts as a mediating agent for payment between exporter $($in India$)$ and Importer $($in foreign country$)$ especially when the parties are unknown to each other. Underwriting services . To pay tax challans Safe deposit vaults $($lockers$) –$ to store precious jewelry and documents safely Micro finance facilities – providing finance to small business for overall development of the community and economy as a whole
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