Business Support Services

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Business support services are activities that assist businesses in their operations by facilitating the smooth flow of goods and services from producers to consumers. These services include banking, i…

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Business support services are crucial because they ensure smooth business operations. They help in capital formation, risk coverage, efficient movement of goods, communication, and storage. Without th…

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Banking refers to the activities carried out by banks, such as accepting deposits, giving loans, and providing financial services. According to the Banking Regulation Act, banking means accepting depo…

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The main types of banks in India are: (a) Commercial Banks, (b) Co-operative Banks, (c) Development Banks, (d) Specialised Banks, and (e) Central Bank. For example, State Bank of India is a public sec…

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A commercial bank is a financial institution that accepts deposits from the public and provides short-term loans and advances. It serves individuals and businesses. Examples include SBI, HDFC Bank, an…

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Public sector banks are majority-owned by the government (e.g., SBI, Bank of Baroda), while private sector banks are owned by private individuals or companies (e.g., HDFC Bank, ICICI Bank). Public sec…

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The primary functions of a commercial bank are: (1) Accepting deposits (like savings, current, fixed, and recurring deposits), and (2) Lending money through loans, overdrafts, and cash credit. These f…

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A savings account encourages saving with interest and has withdrawal limits, suitable for individuals. A current account allows unlimited withdrawals via cheques and is used by businesses; it does not…