Describe the duties and responsibilities of (a) the bank, and (b) the depositor.

Expert Solution

Answer : Duties and responsibilities of a bank . Bank has been divided into two parts :

Central Bank :

Maintain monetary policy.
Supervised and regulate monetary institution.
Stability in the financial system.
Provide payment and other financial services to the government
Creation of reserve.

Commercial Bank

Accounts services to customer
Lending facility to businessman
Issuing saving withdrawn.
Financial services to general public , business and companies.
Bank should provide relevant information on making services and facility.
Different services and trust has been created.

Duties and responsibilities of Depositor :

Deposit the money into account and keep the passbook update.
Timely update the passbook as when required.
If Depositor has saving account than they follow the rules related to maximum amount of withdrawn in a particular day.
Instructions and regulation should be properly followed.
Link important and relevant identity with your saving as well as current account.

Rahul Sunny answered 2 years ago

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