Mention the Functions of a Banker
Posted by Ripon Abu Hasnat on Monday, March 23, 2015 | 0 comments
According
to Section 6 of the Act, a banker, apart from the usual services, may also engage
in any one or more of the following forms of business namely:
1.
The borrowing, raising or taking up of money, the lending or advancing of money
either upon or without security.
2.
The drawing, making, accepting, discounting, buying, selling, collecting and
dealing in bills of exchange, hundis, promissory notes, coupons, drafts, bills
of lading, railway receipts, warrants, debenture, certificates, scrips, and
other instruments.
3.
The granting and issuing of the letters of credit, traveller’s cheques and
circular notes.
4.
The buying, selling and dealing in bullion and specie.
5.
The buying and selling of foreign exchange including foreign bank notes.
6.
The acquiring, holding, issuing on commission, underwriting and dealing in
stocks, funds, shares, debentures, bonds, obligations, securities and
investments of all kinds.
7.
Acting as agents for any government or local authority.
8.
The purchasing and selling of bonds, scrips and other forms of securities on
behalf of constituents or others.
9.
Contracting for public and private loans and negotiating and issuing the same.
10.
The receiving of all kinds of bonds, scrips or valuable on deposits or for safe
custody or otherwise.
11.
The providing of safe deposit vaults.
12.
The collecting and transmitting of money and securities.
13.
The effecting, insuring, guaranteeing, underwriting, participating in managing and
carrying out of any issue, public or private, of state, municipal or other
loans or of shares stock, debentures, or debenture stock of any company,
corporation or association and the lending of money for the purpose of any such
issue.
14.
Carrying on and transacting every kind of guarantee and indemnity business.
15.
Managing, selling and realising any property which may come into the possession
of the company in satisfaction or part satisfaction of any of its claims.
16.
Undertaking and executing trusts.
17.
Undertaking the administration of estates as executor, trustee or otherwise.
18.
The acquisition, construction, maintenance and alternation of any building or
works necessary or convenient for the purposes of the company.
19.
Doing all such other things as are incidental or conducive to the promotion or advancement
of the business of the company.
20.
Any other form of business which the Central Government may, by notification in
the official Gazette, specify as a form of business in which it is lawful for a
banking company to engage.
A
banking company is not permitted to engage in any form of business other than
those referred to above.
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