Question
Download Solution PDF- Accept deposits and subsidies
- Provide credit and subsidies
- Accept deposits, provide credit and subsidies
- Accept deposits and provide credit
Answer (Detailed Solution Below)
Option 4 : Accept deposits and provide credit
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Detailed Solution
Download Solution PDFThe correct answer is to Accept deposits and provide credit.
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Key Points
The primaryfunctioning of the banking system is toaccept deposits and provide credit.
- RBI monitors all the banks in the country.
- RBI was established in the year 1935.
- SBI is the largest public sector bank in India.
![[Solved] Which of the following is the primary functioning of the ban (4)](https://i0.wp.com/cdn.testbook.com/resources/lms_creative_elements/additional-information-image.png "[Solved] Which of the following is the primary functioning of the ban (4)")
Additional Information
The secondary function of commercial banks are:
| Purchase and sell of securities |
| Remittance of money |
| Collection and payment of various items |
| Purchase and sell of foreign exchange |
| Acting as executors and trustees of wills |
| Underwriting of shares and Lockers facility |
| Travelers’ cheque and letter of credit |
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