Functions of Bankers:
- Accepting Deposits: One of the primary functions of bankers is to accept deposits from individuals and businesses. Deposits can be in the form of savings accounts, current accounts, fixed deposits, etc.
- Providing Loans: Bankers provide loans to individuals and businesses for various purposes such as purchasing a home, starting a business, or meeting other financial needs. They earn interest on these loans.
- Payment Services: Banks offer various payment services such as issuing checks, providing debit and credit cards, facilitating online transfers, and more to facilitate smooth transactions.
- Investment Services: Banks provide investment services such as mutual funds, insurance products, and other investment options to help customers grow their wealth.
- Foreign Exchange Services: Banks also offer foreign exchange services for individuals and businesses involved in international trade or travel.
- Safekeeping of Valuables: Many banks offer safe deposit boxes to customers for the safekeeping of valuables such as jewelry, important documents, etc.
- Advisory Services: Bankers also provide financial advisory services to help customers make informed decisions about their finances.
- Merchant Banking: In addition to traditional banking services, some banks also engage in merchant banking activities. Merchant banks provide services such as underwriting, corporate advisory, mergers and acquisitions, and more to businesses.
These diverse functions of bankers play a crucial role in the economy by facilitating economic activities, managing risks, and providing financial stability to individuals and businesses.