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What is a commercial bank? Work | Type | an objective


 

What is a commercial bank? Work | Type | an objective


Commercial Bank

There are a large number of commercial banks in India . Most of the banks are giving loans to the people besides depositing their money. Services of banks are also being used for social work. Banks have a big role in the Indian economy. Commercial or commercial bank is being described in detail in this article . Their services will also be expanded. You can read the article till the last to get complete information.


The main functions of a bank

Banks are definitely called commercial banks, but their purpose is to work for the common people more than their own business. It also includes sanctioning loans for their needs, disbursing loans as per requirement in the agricultural sector, protecting the money of the people, providing them locker facilities, paying interest on the deposits. Banks are now investing money on the government's schemes so that more and more people can get the benefit.

Deposit Account and its rules

People can easily deposit their money in commercial bank. They have to open an account with banks for this. Banks protect these money. They also pay interest according to the rule. This means that people are getting two benefits simultaneously. Their money is being protected, they are getting principal along with interest. Interest is usually available only on the savings account. According to RBI rules, every citizen of the country has the right to open their bank.


What type of account opening facility in a bank

People can open many types of accounts in banks. That is, they can choose accounts according to their convenience. Banks currently have facility to open time deposit account, current deposit account, savings deposit account, home safe savings account and recurring deposit account. However, banks account for the largest number of savings account holders in banks. The number of current account holders has also increased rapidly.


Loan arrangement in commercial bank

According to the guidelines of the Reserve Bank of India, commercial banks have been placed under the purview of lending. Banks can give loans according to the need of the people. Loans are also given for government schemes. After giving loans to farmers, home loans and vehicle loans are the largest number. Education loans are also offered by banks, so that students can advance in the field of education. People have to follow the rules of banks to get a loan.


Industry the boost to the bank 's role

Banks also strengthen the country's economic condition. Large-scale loans have been arranged in commercial areas. It has the largest number of entrepreneurs. Whether starting a business or moving it, banks give loans for this. Most of the big entrepreneurs of the country have loans from banks. Under various schemes launched by the government, banks also give money to people for business.


Commercial Bank Jobs

Employment opportunities are also being created by banks. Not only are large numbers recruited for this in banks, they also invest in private sector to increase employment. Commercial banks are helping in arranging self-employment for unemployed people by providing loans at reasonable interest. Banks are also providing services for Skill Development, Skill India, Make in India, Start Up India, Mudra Loan Scheme launched by the government.


Law of banking

•    People have the right to deposit their money in banks after opening an account. Security is the responsibility of banks.
•    Banks conduct payment of customers' checks up to the amount located in the customer's account and overdraft to the extent of any agreement.
•    The bank cannot make payments from its accounts without customer orders. The bank has the right to include the customer's account.
•    Banks do not have the right to open their account details without the consent of the customer.
•    It is necessary for banks to inform someone in case of account closure. Failure to do so would be considered a violation of RBI rules.


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