Q. 4. What is bank?

Ans: A bank is a financial institution which deals in money. Bank collects money from those who have surplus at lower rate of interest and provides loans and advances to needy people at higher rate of interest. The difference between the rate of interest received from those who need and the rate of interest paid to depositors is the profit 01 the bank. In addition, bank provides certain services to its customers and the society. The bank which operates on commercial principles is called commercial bank. It is governed by Banking Regulation Act, 4949. The functions of commercial bank can be broadly divided into two groups:
(A) Primary functions and
(B) Secondary functions.

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