We’ve already discussed nigh the Primary Functions of Commercial Banks (you tin read that postal service here). Now nosotros shall hash out the secondary functions of Commercial Banks.
Secondary functions of Commercial Banks
Besides the master copy functions of Accepting deposits together with Lending money, banks perform a lay out of other functions which are called secondary functions. Those functions are…..
- Issuing letters of credit, travelers cheques, round down notes etc.
- Undertaking condom custody of valuables, of import documents, and securities yesteryear providing condom deposit vaults or lockers;
- Providing customers amongst facilities of unusual exchange.
- Transferring coin from i house to another; together with from one branch to or together with then other branch of the bank.
- Standing guarantee on behalf of its customers, for making payments for buy of goods, machinery, vehicles etc.
- Collecting together with supplying trouble organisation information;
- Issuing involve drafts together with pay orders; and,
- Providing reports on the credit worthiness of customers.
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