Loading...
UPSC 2010: Consider the following statements : The functions of commercial banks in India include 1. Purchase and sale of shares and securities on behalf of customers. 2. Acting as executors and trustees of wills. Which of the statements given above is/are correct ?
(a)1 only
(b)2 only
(c)Both 1 and 2
(d)Neither 1 nor 2
Attempt This Question
Not attemptedCorrect Answer: (c) Both 1 and 2
Besides accepting deposits and lending, Indian commercial banks provide secondary/agency services such as (i) buying and selling shares or other securities for customers and (ii) acting as trustees or executors of wills and estates. Therefore both statements are correct. ([insurance-companies.co](https://insurance-companies.co/commercial-bank-functions/?utm_source=openai))
Related UPSC Questions
More from Banking & Financial Sector
2010easy
In India, the interest rate on savings accounts in all the nationalized commercial banks is fixed by
2012easy
The Reserve Bank of India (RBI) acts as a bankers' bank. This would imply which of the following? 1. Other banks retain their deposits with the RBI. 2
2012easy
The basic aim of Lead Bank Scheme is that
Related Indian Economy Topics
2010Monetary Policy & Money Supply
Which of the following terms indicates a mechanism used by commercial banks for providing credit to the government ?
2010International Trade & WTO
The SEZ Act, 2005 which came into effect in February 2006 has certain objectives. In this context, consider the following : 1. Development of infrastr
Frequently Asked Questions
What is the correct answer to this UPSC 2010 Indian Economy question?▼
The correct answer is option (c): Both 1 and 2. Watch the detailed video explanation in our Sherlocking Prelims course on UnlockIAS.
Which year was this Banking & Financial Sector question asked in UPSC Prelims?▼
This question was asked in UPSC CSE Prelims 2010, GS Paper 1, as Question 142. It falls under Indian Economy > Banking & Financial Sector.
What is the difficulty level of this UPSC question?▼
This question is rated "easy". It tests basic recall and most well-prepared aspirants should answer it correctly.
How many UPSC Prelims questions have been asked from Banking & Financial Sector?▼
UPSC has asked 48 questions from Banking & Financial Sector (under Indian Economy) across multiple years. Visit the topic page to see the full list and year-wise trends.