Business Services Test - 23

Banks are necessary for the effective implementation of monetary policy, which involves managing the money supply, interest rates, and credit conditions in an economy to achieve macroeconomic objectives such as price stability, full employment, and economic growth.

Order cheque is payable to the person named in the cheque or his order. - For e.g. " Pay to X or order.", such cheque is payable either to X or to any person whom he orders the payment of the cheque. Order cheque is paid by the bank only when the bank is satisfied about the identity of the payee.

Multiple option deposit accounts allow depositors to make multiple deposits and withdrawals while maintaining a consistent interest rate.

The insured is the person or entity who is covered by the insurance policy. The insurer is the entity (insurance company) that pays to, or on behalf, of the insured for a covered loss. The contract between both is Insurance contract.

Public warehousing offers flexibility as its key advantage. Unlike private warehousing, which is owned and operated by a single company, public warehousing facilities are shared among multiple businesses. This allows companies to adjust their storage needs according to fluctuations in demand without the long-term commitment or investment required for private warehousing.

A scheduled bank, in India, refers to a bank which is listed in the 2nd Schedule of the Reserve Bank of India Act, 1934

A savings account is designed for depositors to save money while earning interest and having the flexibility to withdraw funds when needed.

E-Banking offers convenience and accessibility to banking services anytime, anywhere, allowing customers to conduct transactions from the comfort of their own home or on-the-go using digital devices.

Mobile wallets store payment card information securely on a mobile device and enable users to make contactless payments by tapping their device at compatible payment terminals.

Commercial banks are considered not merely as dealers in money but also the leaders in economic development. It helps in accelarating Capital Formation, encouragement of industry, development of agriculture, socio economic values etc.