Explain the secondary or subsidiary functions of commercial bank. (2024)

The secondary functions of a commercial bank are as follows:

Bank as an Agent

A bank acts as an agent to its customers for various services like:

  • Collecting bills, draft, cheques, etc.
  • Paying the insurance premium, rent, loan installments, etc.
  • Working as a representative of a customer for purchasing or redeeming securities, etc. in the stock exchange.
  • Acting as an executor, administrator, or trustee of the estate of a customer
  • Also, preparing income tax returns, claiming tax refunds, etc.

General Utility Services

There are several general utility services that commercial banks offer like:

  • Issuing traveler cheques
  • Offering locker facilities for keeping valuables in safe custody
  • Also, issuing debit cards and credit cards, etc.

Explain the secondary or subsidiary functions of commercial bank. (2024)
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