BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Principal services
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Agency services
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General utility services
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Social services
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Detailed explanation-1: -Services rendered by a banker not only to his customers, but also to the general public are called as. A Principal services.
Detailed explanation-2: -Collecting and paying the credit instruments This includes promissory notes, bill of exchange, cheques, etc. These instruments are dealt with by the banks. The banks are responsible for collecting and paying the different types of credit instruments. These credit instruments are the representative of the customers.
Detailed explanation-3: -The relationship between the banker and the customer is therefore that of a creditor and a debtor.
Detailed explanation-4: -banker has an obligation to honour cheques of its customer, drawn on him and presented for payment, subject to the condition that there are sufficient funds in the accounts and the cheque is in order.