BANKING AFFAIRS

Detailed explanation-1: -Yes. If the KYC documents furnished doesn’t meet the requirements to open a current account, he / she can very well refuse to open one.

Detailed explanation-2: -Accepting deposits from the public is the function of commercial bank.

Detailed explanation-3: -35. Which entities can legally accept deposits from public? Banks, including co-operative banks, can accept deposits. Non-bank finance companies, which have been issued Certificate of Registration by RBI with a specific licence to accept deposits, are entitled to accept public deposit.

Detailed explanation-4: -Although banks do many things, their primary role is to take in funds-called deposits-from those with money, pool them, and lend them to those who need funds. Banks are intermediaries between depositors (who lend money to the bank) and borrowers (to whom the bank lends money).