Business Services Test - 26

Central bank is an organization that primarily manages a monetary system. The term usually refers to the central bank for a country, but not every country uses a central bank.

A compulsory car insurance scheme was first introduced in the United Kingdom with the Road Traffic Act 1930. This ensured that all vehicle owners and drivers had to be insured for their liability for injury or death to third parties whilst their vehicle was being used on a public road.

Cash credit is a short-term source of finance. Under cash credit, the bank offers its customer to take a loan up to a certain limit.

The main motive of insurance is co-operation. Insurance is defined as the equitable transfer of risk of loss from one entity to another, in exchange for a premium.

Current accounts are commonly used by businesses for managing daily financial transactions such as payments, receipts, and overdraft facilities.

A bank draft, also known as a banker's draft or cashier's check, is a secure method of payment where a bank guarantees the payment of a specified amount to a designated recipient.

Electronic Funds Transfer (EFT) enables customers to transfer funds electronically from one bank account to another, providing a convenient and secure method of payment.

E-Banking reduces the reliance on physical bank branches by offering customers the ability to conduct various banking transactions remotely through digital channels, leading to cost savings and enhanced convenience for both banks and customers.

CWC stands for Central Warehousing Commission.It is a premier Warehousing Agency in India, established during 1957 to provide logistics support to the agricultural sector and is one of the biggest public warehouse operators in the country offering logistics services to a diverse group of clients.

When a cheque is Account payee, it directs the Bank that cash cannot be withdrawn on this cheque, funds can be only tranferred from one bank account to another bank account.