BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Tandem Committee
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Patel Committee
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Malhotra committee
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Vaghul committee
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Detailed explanation-1: -The idea of providing factoring services in India was first thought by Vaghul committee.
Detailed explanation-2: -Definition: Factoring is a type of finance in which a business would sell its accounts receivable (invoices) to a third party to meet its short-term liquidity needs. Under the transaction between both parties, the factor would pay the amount due on the invoices minus its commission or fees.
Detailed explanation-3: -Which of the following committee formed the basis for the introduction of factoring services in India? Notes: A Committee headed by Shri C. S. Kalyan Sundaram went into the aspects of factoring services in India in 1988, which formed the basis for introduction of factoring services in India.