Commercial banks provide financial services to consumers as well as businesses.<\/span><\/p>\n

It conducts several important activities besides primary functions. <\/span><\/p>\n

It provides the mechanism for payments and transfers of funds. <\/span><\/p>\n

The secondary function often complements the primary functions. <\/span><\/p>\n

It is important to the bank’s core commercial customers and their employees. <\/span><\/p>\n

Mainly, it has two secondary functions. They are agency service and general service.<\/span><\/p>\n

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Agency services<\/span><\/b><\/b><\/h3>\n

Agency service is related with other financial institutions, business firms and service centers. <\/span><\/p>\n

Bank works as agent of customers.<\/span><\/p>\n

The main features of agency service are given below:<\/span><\/p>\n

Collection and payment of the cheques, draft and bills of other bank.<\/span><\/p>\n

Payment of telephone, mobile, internet, water, electricity bill.<\/span><\/p>\n

Payment of insurance premium.<\/span><\/p>\n

Bank guarantee on bid bond\/contract. <\/span><\/p>\n

Payment of installment, interest, income tax.<\/span><\/p>\n

Purchase and sales of securities like shares and debentures on behalf of customer.<\/span><\/p>\n

Remittance works (receive and send cash from one place to other).<\/span><\/p>\n

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General services<\/span><\/b><\/b><\/h3>\n

General services are related within bank. <\/span><\/p>\n

It is also related to any branch banking service (ABBS). <\/span><\/p>\n

Some of these facilities are free and some others are provided by taking certain charges. <\/span><\/p>\n

The main general services are given below:<\/span><\/p>\n

Locker facility for safe custodian of diamond, gold and legal documents.<\/span><\/p>\n

Facility of cheque book and statement on demand.<\/span><\/p>\n

Debit card, credit card, automated teller machine card (ATM card).<\/span><\/p>\n

Internet and SMS banking.<\/span><\/p>\n

Letter of credit and bank guarantee facility etc.<\/span><\/p>\n

***** #EP<\/span>Online<\/span>Study *****<\/span><\/p>\n

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\u091c\u092f \u0917\u0942<\/span>\u0917<\/span>\u0932<\/span>, <\/span>\u091c\u092f \u092f\u0941\u091f\u094d\u092f\u0941\u092c<\/span>, <\/span>\u091c\u092f \u0938\u094b\u0936\u0932 \u092e\u093f\u0921\u093f\u092f\u093e<\/span><\/span><\/p>\n

\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

– \u00a0\u00a0 Financial Intermediaries A financial intermediary or intermediator is a financial institution. It may be a bank, building society, insurance company, investment bank or pension fund. A financial intermediary offers a service to help an individual or firm to save or borrow money. A financial intermediary helps to satisfy different needs of lenders and […]<\/p>\n","protected":false},"author":19997,"featured_media":3640,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1453,1451,11],"tags":[1519,1517,1518,1516,1520,1521,1404,1555,1556,1557,1406],"writers":[1301],"yoast_head":"\n