Business Support Services — Flashcards

Answer

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…

Answer

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…

Answer

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…

Answer

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…

Answer

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…

Answer

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…

Answer

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…

Answer

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…