like advisory functions, accepting deposits and othe such functions......
2007-02-23 19:55:34 · 3 answers · asked by jayanthi_rajaram2000 1 in Local Businesses ➔ India ➔ Other - India
With particular reference to India, over a period of time there has been a gradual change in the (Primary and Secondary) functions of local banks in India. However, in brief, the primary function has been collecting and channelising the savings of people in productive investments in view of the national economic policy. The main secondary function has been facilitating financial transactions in a regulated manner to serve the needs of the nation/society as a whole.
Post independece emerging of State Bank of India, enactment of Banking Regulation Act and other banking laws and practices, nationalisation of banks and other related major events boldly speak of these functions / aspects.
2007-02-26 01:02:01 · answer #1 · answered by helpaneed 7 · 1⤊ 0⤋
As per Section 5(b) of Banking Regulation Act, 1949 , banking means the accepting, for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise, and withdrawable by cheque, draft, order or otherwise.
2007-02-24 10:02:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
i dont know
2007-02-24 04:09:44 · answer #3 · answered by nikki loves hrithik.. 1 · 0⤊ 0⤋