Visit the Branch of Any Commercial Bank And Write a Report on Various Functions Performed by Bank

Secondary Functions of Commercial banks:

Secondary functions of commercial banks refer to the crucial features of commercial banks. The auxiliary services can be classified into three heads, namely, agency functions, general utility functions, and other functions.

These functions are explained as follows:

1. Agency Functions:
   Implies that commercial banks act as agents of customers by performing various tasks, which are as follows:
2. Collecting Checks:
   Refer to one of the essential features of commercial banks. The banks receive checks and bills of exchange on behalf of their customers through clearing house facilities provided by the central bank.
3. Receiving Income:
   Constitute another significant function of commercial banks. Commercial banks collect dividends, pension, salaries, rents, and interests on investments on behalf of their customers. A credit voucher is sent to customers for information when the bank collects any income.
4. Paying Expenses:
   Implies that commercial banks make the payments of various obligations of customers, such as telephone bills, insurance premium, school fees, and rents. Similar to a credit voucher, a debit voucher is sent to customers for information when the bank pays expenses.

Here is a list of all the documents used in banks and offices. These are the documents used by the banks in their day to day activities and other works.

ANALYSIS OF DATA :

Advantages of commercial banks:

Commercial banking can help small businesses by making it easier to manage day-to-day financial tasks. An established commercial account with a bank will make it easier to borrow money when you grow your business. Often a business is assigned a representative who works directly with the company to find the best services and solutions for the issues the industry is facing. For example, the company may save money by outsourcing payroll processing. Banks also offer invoicing services, with personalized invoices, and can set up transfers to other banks, which will simplify accounting procedures. Some banks provide retirement account management for your employees as well as other employee benefits. This can save you money, and make it easier to manage all of the services you offer employees. Some banks allow you to make deposits online by scanning checks. Your bank may provide you with discounts on your merchant services fees. Commercial banking will enable you to set up direct deposits for your employees as well as for any invoices you need to pay to others, which will save you time.

Disadvantages of commercial banks:

Commercial banking or business accounts are often more expensive than traditional bank accounts. Banks may charge fees for night deposits, for processing a certain number of checks and for the payroll services. Depending on the size of your business, some of the services offered may not be needed, and you may still be charged for the services even if you’re not entirely using them. Different banks may provide various services and charge different fees, and it can be challenging to compare the services. Signing up for a commercial account before your business is ready for one will cost you and may slow the growth of the market. If you choose the wrong bank, you may have a difficult time opening a new account and transferring all of the services to another bank. This can cost you both time and money.

CONCLUSION:

After spending a day in a corporate bank and observing their work environment, we could say that it’s the best services an individual could gain. A corporate bank has everything that is needed for an average citizen. It includes the transfer of money, quick cash, loans, deposits, cheques, etc. all at once place, thus saving time and money by providing everything right in one place. There is an entire staff facility in the bank that was ready to help whenever possible. The positive attitude of the employees gave enormous confidence to the clients to deal with the bank again

Aside from that, the bank also has various facilities like net banking, mobile banking through which a person can do almost everything from anywhere without actually visiting the bank physically. Hence I would say that the corporate bank in my town provided all the facilities one would need

DISCUSSION:

After discussing the bank details with one of the businessmen, he concluded that there are some facilities that a corporate bank cannot provide for a business person.

A mere example will be if you want to start a startup. It needs vast capital, and taking the capital on an interest rate higher than the required will eventually result in the liquidation of the newly emerged startup. Thus an investment bank does this risky task.

YOUR OPINION/ SUGGESTION :

Commercial banks should change their marketing concept. Under the new concept of marketing, the task of management should not so much be a skill in making the customer do what suits the rest of the business, as to be skillful in conceiving and making the business do what suits the interest of the customers.

The commercial banks should also provide credit to the agriculturists based on ‘joint guarantee’ given by the village panchayat or by a few well-known farmers of the village. The acceptance of such a basis will greatly help the farmers, particularly small farmers, in securing loans from commercial banks. This will also result in the more purposeful advent of the commercial banks in the rural sector and will bring them into a relationship with cooperative institutions. It will also ensure a fair understanding between them and encourage commercial banks to operate on the principle of collective service for a collective need.

ACKNOWLEDGMENT:

My profound gratitude to all the faculty members of the Department, for their timely assistance and encouragement throughout my research work.

I duly acknowledge the encouragement and support of the research scholars in the department, and all my colleagues and friends.

It gives me immense pleasure to take the opportunity to all the people who are directly or indirectly involved in the completion of my project based on Visit the Branch of Any Commercial Bank And Write a Report on Various Functions Performed by Bank.

With deep reverence, I offer my deepest gratitude _____, without whom this project could not have been fulfilled.

Lastly, I thank Almighty, my parents, family members, friends, and teachers for their constant encouragement and support, without which this project would not be possible.

Name of School/College

BIBLIOGRAPHY / REFERENCE :

1. Wikipedia.com.
2. Times of India Newspaper.
3. mainstreamweekly.net
4. https://study.com/academy/lesson/what-are-commercial-banks-definition-roles-functions.html

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