Which of the following is/are the functions of foreign banks?begin{enumerate}item Remitting money from one country to another country.item Discounting of foreign bills.item Buying and selling gold and silver.item Helping import and export trade.end{enumerate}Select the correct answer using the codes given below:

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which of the following is/are the functions of foreign banks?

A	1 and 2
B	2 and 3
C	3 and 4
D	All of these

Explanation:

Detailed explanation-1: -Functions of foreign banks in India: Deepening of financial system through contribution of money market and foreign exchange by participation of foreign banks. Expansion of modernised banking services. Foreign currency provision to corporations enhancement. International cash management services.

Detailed explanation-2: -Foreign banks have contributed to a large extent to the economic development of the country and have been pioneers in introducing new products, segments, advanced technologies, thereby promoting greater economic efficiency and banking sector reforms.

Detailed explanation-3: -(b) (ba) AD Banks are further permitted to send advance remittances where advance remittances are not exceeding USD 5, 000, 000 and also importers are unable to obtain bank guarantee from overseas suppliers but the AD banks are satisfied about the track record and bona fide of the importer.

There is 1 question to complete.