Академический Документы
Профессиональный Документы
Культура Документы
ON
IMPORTANCE OF ALLIED
SERVICES IN BANKING
Submitted By:-
Other services
Demat services
Cards
Insurance
Gold banking
1. Forex Services
The banks and other official institutions facilitate the buying and selling of foreign
currencies.
The foreign exchange market that we see today started evolving during the
1970s when world over countries gradually switched over floating exchange
rates.
High net worth individuals, small business owners and families who desire the
assistance of a credentialed financial advisory specialist call upon wealth
managers to coordinate retail banking, estate planning, legal resources, tax
professionals and investment management.
3. Demat services
Banks are offering Demat services to its customers enabling them trade and
ensure free transferability of securities with speed accuracy and security.
SBI, ICICI, HDFC and all other major commercial banks are offering these
services.
Demat account allows you to buy, sell and transact shares without the endless
paperwork and delays. It is also safe, secure and convenient.
4. Cards
All the major banks offer credit and debit cards which enables us to cash free
shopping , mobile recharges , payments of bills , donations etc.
Banks along with other brands introduce cards in order to provide convenient
services and will reward you with reward points which you can redeem for
products or services.
Apart from this you can withdraw money at any of the ATMs at your
convenience.
5. Insurance Services
All the major banks offers insurance services in the field of life insurance, general
insurance, motor insurance, ULIPs etc.
6. Gold banking
Gold Deposit Scheme (GDS) is in the nature of a fixed deposit in gold. The
customers can deposit their idle gold under GDS which will provide them safety,
interest earnings, tax benefits and a lot more.
1. Project Finance:-
It is a method of financing very large capital intensive projects, with long
gestation period, where the lenders rely on the assets created for the project as
security and the cash flow generated by the project as source of funds for
repaying their dues.
Project finance is the financing of long-term infrastructure and industrial projects
based upon a complex financial structure where project debt and equity are used
to finance the project, rather than the balance sheets of project sponsors.
Usually, a project financing structure involves a number of equity investors,
known as sponsors, as well as a syndicate of banks that provide loans to the
operation.
3. Merchant Banking:-
Banks provide the resources, convenience and services to meet your needs by
arranging Foreign Currency credits through:
Commercial loans
Syndicated loans
Loans from Export Credit Agencies
Financing of Imports.
2. Trade Services:-
Customers can effect remittances as well as get their applications for issuance of
Letters of Credit and Bank Guarantees processed online.
This not only extends tremendous convenience to the entire process, but also
allows the customer to enjoy the benefits of simplified documentation, online
verification of status and savings in cost and time.
Other services include tracking of exchange rates, advisory services..etc
3. Investment Banking:-
Banks assist public and private corporations in raising funds in the capital markets
(both equity and debt), as well as in providing strategic advisory services for
mergers, acquisitions and other types of financial transactions.
They also act as intermediaries in trading for clients which in general assist in the
purchase and sale of stocks, bonds, and mutual funds.
4. Custodial Services:-
Custody Services is one of the thrust areas of operations of the Banks and is a key
product offered to Mutual Funds, Financial Institutions and Corporates etc.
The Banks has set up the Custody Services group offering quality and reliable
custody services to the clients and has in place a customized Information system,
high security storage vaults and premises for processing / safekeeping securities.
5. Online Services:-
e-Transfer
Tie Up With all major shopping sites
Train or Air Ticket Booking reservation facility
Recharge prepaid mobile conveniently
Trading in securities by integrating banking, broking and Demat accounts.
Globally, Small and Medium Enterprises (SMEs) form the backbone of all
economies in terms of contribution to economic growth, employment and
promotion of entrepreneurship.
In India, SME units account for nearly 40 per cent of industrial production, close
to 50 percent of exports and 45 per cent of industrial employment. The
significance of this sector cannot be further emphasized.
SMERA Rating
SMERA Rating is an independent, third-party, comprehensive assessment
of the overall condition of the SME,
It takes into account the financial condition and several qualitative factors that
have bearing on credit worthiness of
An SME unit having SMERA Rating would enhance its market standing amongst
trading partners and prospective customers
E. Mutual Funds:-
A mutual fund is a professionally managed type of collective investment scheme
that pools money from many investors and invests it in stocks, bonds, short-term
money market instruments, and/or other securities.
The Mutual funds have a fund manager that trades the pooled money on a regular
basis.
As early 2008 the worldwide value of all mutual funds are more than $26 Million.
F. Other Services:-
Locker facility
Demand drafts
e-Tax
e-Freight
Public provident fund
Centralized pension processing
Travelers cheques
Money transfer
RTGS / NEFT
1. Locker Facilities:-
It offer Invaluable safety for your valuables
Banks providing lockers for rent for that you need to open account and have to
pay rent for locker.
2. Demand Drafts:-
Also called as DD
It is a Written Order for making Payments
Two Types
o Sight Drafts:-It allow money transfer only when proper documents are
produced on sight.
o Time Drafts:-It allow money transfer after the specified time
3. e-Tax:-
Retail and corporates pay direct and indirect taxes through online from
anywhere at any time from the comforts of your office/home without incurring
any cost
It is saving time and
making available e-receipt for the tax paid instantly.
4. e-Freight:-
ePayment of Railway Freight Scheme has been devised for corporates
regularly transporting goods (raw material/ finished goods) through the Railways
and making payment of Railway freight.
7. Money Transfer:-
Banks are offering money transfer services which enables us to transfer the
money from other countries to India.
Sending remittances to India for credit to your account with banks or for your
family is very simple and convenient with wide foreign offices network and
correspondent banking arrangement with about 600 banks worldwide.
8. RTGS/NEFT:-
Inter Bank Transfer is a special service that allows you to transfer funds
electronically to accounts in other banks in India through:
National Electronic Funds Transfer: Funds are transferred to the credit account
with the other participating Bank using RBI's NEFT service.
Real Time Gross Settlement: The RTGS system facilitates transfer of funds from
accounts in one bank to another on a real time and on gross settlement
basis.