In this article we will discuss about the different services rendered by banks. They are:- 1. Advances 2. Acceptances, Endorsements and Other Obligations 3. Bill for Collection 4. Bills Payable 5. Bills Purchased and Discounted 6. Rebate on Bills Discounted. 1. Advances: (i) Loans: A bank gives a loan to a customer by a fixed advance on a loan account. [...]
The following article will guide you about how to maintain accounts of the banking companies. In 1913, when a good number of industrial houses failed, a demand for the regulation of banking business in our country was raised. A scheme for the regulation of banking companies was recommended by the Central Banking Enquiry Committee which was set-up in 1913. But [...]
The following points highlight the seven main types of non-cash transactions. The types are: 1. Demand Drafts and Telegraphic Transfers 2. Travellers Cheques and Letters of Credit 3. Any Time Money (ATM) Cards have Made Traveller Cheques 4. Acceptances, Endorsements and Other Obligations 5. Bills for Collection 6. Bills Purchased and Discounted 7. Rebate on Bills Discounted. Non-Cash Bank Transactions: [...]