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COMMERCIAL BANKS — Commerce Keypoint

COMMERCIAL BANKS

COMMERCIAL BANKS are privately owned banks which are established to undertake ordinary banking transactions for the general public. Although, they are profit oriented.

FUNCTIONS:

  1. Acceptance of deposits
  2. Granting of loans to customers.
  3. Discounting bills of exchange
  4. Acts as agents of payment or transfer of money on behalf of its customers.
  5. Financing of foreign trade.
  6. Financing of industries for their development.
  7. Offers financial advice to customers.
  8. Safe-keeping of valuable items.
  9. Acts as Trustees.
  10. Issues travelers cheques.

COMMERCIAL BANK AND THEIR IMPORTANCE TO ECONOMIC DEVELOPMENT

The commercial banks also play prominent role in the development of the economy of a country through the following ways:

  1. Stimulating savings and investments thereby removing capital deficiency.
  2. Making provision for availability of credit facilities for financial priority sectors.
  3. Making provision for optimum utilization of the financial resources of the community.
  4. Encouraging expansion of credit.
  5. Promotion of international trade

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