BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Eligible financial services rendered by banks
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Utility services provided by banks
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Services provided through business correspondents
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Services provided to armed force personnel
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Detailed explanation-1: -Para banking activities are undertaken by a bank apart from its day-to-day activities like deposits, withdrawals, etc. These activities can range from portfolio management and insurance business to the underwriting of bonds of PSUs and so on.
Detailed explanation-2: -Allahabad bank offer 3 types of current accounts to its customers. These accounts provide a host of banking benefits such as fund transfer, receive cheques, cash, etc.
Detailed explanation-3: -The Para Banking activities include insurance business, portfolio management services, pension fund management, mutual funds business, money market mutual funds underwriting of bonds of PSUs, investment in venture capital funds, etc.
Detailed explanation-4: -Global Debit Cards, Global Credit Cards, Bancassurance, Life insurance products, Non-life insurance products, and cash management are examples of para banking activities. Here is the list of important para bank services of the commercial banks.