Banking Exam Question - What are the Agency Functions of Commercial Banks? Explain

Introduction - Agency Functions of Bank

Agent Banking means providing limited scale banking and financial services to the underserved population through engaged agents under a valid agency agreement, Agent Banking implies giving restricted scale keeping money and monetary administrations to the underserved populace through drew in specialists under a legitimate office understanding, as opposed to a teller/clerk. It is the proprietor of an outlet who conducts saving money exchanges for the benefit of a bank. 

The agency's work in various business affairs works is also important. The agency's work means working as an agent of any other person or organization and some of them Get a commission. Some of the major tasks are mentioned below:

• To help customers and merchants open the required symbols on foreign trade,
• Purchases, sales and restructuring of exchange letters and other types of passwords,
• And transferring money or assets through other means,
• On their request for customers, buy and sell borrowers, sellers,
• Customers request the collection of dividend interest and other income they receive.
• To help open trademarks opened,
• Exchange, Purchase, Selling,
• Currency transfer, drafting,
• To collect interest profits for the customer,
• Foreign Currency Trading