BANKING SERVICES
Every
country’s economy normally divided into three sectors viz., Primary Sector;
Secondary Sector and Tertiary Sector. Primary sector consist of agricultural
and its allied activities; Secondary sector consist of Industrial and its
allied activities and Tertiary sector consist of Service sector which includes
banking services, education, transport, insurance, health, information
technology etc. Among them banking service is very important which connects all
services and taking them towards a common goal called profit making. Unless
banking services are strong, contribution from other services may become
useless.
Business
is mainly conducted to mobilize funds. All the business entities regardless of
its nature and size of commercial activities, aims to gain profits out of its
operations. To carry on its day to day operations it meets various routine
expenses and at the same time earns income out of its operations. Many a times
these expenses were paid and incomes were received through cheques via banks.
In this connection banks plays vital role.
Therefore,
soon after its establishment, it becomes mandatory for the business unit to
open a bank account from one or more banks for easy financial dealing. The
banks not only render financial support but also help the business men by
giving credit guarantee to creditors, issuing letter of credit during import
trade and conducting credit enquires in case of credit sales, making
e-payments, electronic fund transfers, internet banking, mobile banking etc.
Most
of these banking activities are carried through office. Therefore, the office
manager should be aware of various facilities available and services offered by
the banks for better and smooth functioning of office. Hence this chapter
focuses upon banking services offered to a business unit.
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