| March 22nd, 2020 05:09 PM | |
| prince karak | Re: Role And Functions Of State Bank Of India State Bank of India (SBI) is an Indian multinational, public sector banking and financial services company. It is a government-owned corporation with its headquarters in Mumbai, Maharashtra. SBI Roles And Functions The functions of the commercial banks may be broadly classified into two categories called: Primary functions Subsidiary functions The primary functions of the State Bank of India are as follows: Like other banks, it grants loans and deals in bills of exchange and hundies. If functions as a Govt. Bank where Reserve Bank of India does not exist. it undertake treasury functions on behalf of the government. The subsidiary functions of the State Bank of India are as follows: It helps in issuing bank drafts at the time of transferring of funds. It helps in investing in securities. It purchases bills upto 15 months and issues foreign bills of exchange. It performs other banking functions of a commercial Bank. Central Banking Functions: The SBI acts as agent of the RBI at the places where the RBI has no branch. Accord*ingly, it renders the following functions: (a) Banker to the government (b) Banker to banks in a limited way (c) Maintenance of currency chest (d) Acts as clearing house (e) Renders promotional functions Banker to the Government: The SBI functions as the banker to the central and state governments. It receives and pays money on behalf of the governments. Especially it ren*ders the following functions as directed by the RBI in this regard. (a) Collection of charges on behalf of the government e.g. collection of tax and other payments (b) Grants loans and advances to the governments (c) provides advises to the government regarding economic conditions, etc., General Banking Functions Besides the above specialized functions, the SBI renders the following functions under Section 33 of the Act. 1. Accepting deposits from the public under current, savings, fixed and recurring deposit accounts. 2. Advancing and lending money and opening cash credits upon the security of stocks, securities, etc. 3. Drawing, accepting, discounting, buying and selling of bills of exchange and other negotiable instruments. 4. Investing funds, in specified kinds of securities. 5. Advancing and lending money to court of wards with the previous approval of State Government. 6. Issuing and circulating letters of credit. 7. Offering remittance facilities such as, demand drafts, mail transfers telegraphic transfers, etc. 8. Acting as administrator, executor, trustee or otherwise. 9. Selling and realizing the movable or immovable properties that come into the banks in satisfaction of claims. 10. Transacting pecuniary agency business on commission stocks. 11. Underwriting of the issue of authorized shares debentures, and other securities. (This function is done through subsidiaries now) 12. Buying and selling of gold and silver. 13. It operates Public Provident Fund Accounts for the general public. 14. It operates Non-Resident External Accounts and Foreign Currency Accounts. 15. Providing Factoring service (through subsidiaries). 16. Provides shipping finance. 17. Promotes Export through Export Credit. Provides Project Export Finance. 18. Provides Merchant Banking Facilities. 19. Provides specialized services like "Global Link Services ". 20. Promotes housing finance through "SBI Home Finance Ltd ". 21. Offers community services Banking. It provides grants to many socially relevant research projects undertaken by various universities and academic institutions in the country. 22. Provides Leasing Finance and Project Finance Facilities. 23. Participates in Lead Bank Scheme. 24. The State Bank may with the sanction of the Central Government, enter into ne*gotiations for acquiring the business of any other Banking Institutions. Customer service: 1800 425 3800 |
| March 21st, 2020 08:26 PM | |
| Unregistered | Role And Functions Of State Bank Of India I want to know the Roles And Functions of State Bank Of India SBI so will you please tell me? |
