Service Oriented Functions of Commercial Banks
A commercial bank is the bearer of credit. So, collecting deposit and giving loan is the main task of the commercial bank. But as an important catalyst for an economy, it has to do many diversified tasks. The commercial banks perform different significant functions regarding in general, representative, service oriented and others. Here briefly focus on Service Oriented functions of Commercial Banks.
Service Oriented functions: Commercial bank sometimes works as the service giving business. Some services provided by commercial banks are given below;
(a) Supply of information: These banks supply information on business and economy to the clients. This information helps the business people.
(b) Counseling: These banks give advice and counsel on current economic conditions and trade and commerce to clients.
(c) Solvency of Certificate: These banks provide solvency certificate to its valuable and faithful client.
(d) Executor: These banks work as an executor of a deed.
(e) Consultancy: Commercial banks work as a consultancy firm.
(f) Issuance of L/C: Commercial banks issue L/C in the process of foreign trade.