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Banking Compliance and Ethics

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Questions and Answers

What is the primary function of a bank?

To issue credit cards and travelers' cheques

To accept deposits from the public and grant loans (correct)

To provide agency services to customers

To invest in securities and stocks

What is a key characteristic of bank deposits?

They can be withdrawn at any time (correct)

They are not guaranteed safe

They do not earn interest

They are only accessible during business hours

What is an incidental activity of banking?

Providing agency services to customers (correct)

Lending or investing deposits

Manufacturing and selling banking equipment

Accepting deposits from the public

What is a benefit of depositing money in a bank?

The depositor earns interest on their deposits Signup and view all the answers

What is a service provided by banks to customers?

Agency services, such as bill collection and insurance premium payment Signup and view all the answers

What is the role of a banker?

To undertake banking activities, accepting deposits and lending money Signup and view all the answers

What is a type of financial service provided by banks?

Discounting bills and cash credit facilities Signup and view all the answers

What is the primary goal of banking activities?

To promote and mobilize savings of the public Signup and view all the answers

What is a characteristic of banking?

It involves accepting deposits and lending money Signup and view all the answers

What is a benefit of banking activities?

It provides a means for savings mobilization Signup and view all the answers