Definition
Commercial banks accept various types of deposits from public especially from its clients, including saving account deposits, recurring account deposits, and fixed deposits. These deposits are payable after a certain time period.
Commercial banks provide loans and advances of various forms, including an overdraft facility, cash credit, bill discounting, money at call etc. They also give demand and demand and term loans to all types of clients against proper security. Credit creation is most significant function of commercial banks. While sanctioning a loan to a customer, they do not provide cash to the borrower. Instead, they open a deposit account from which the borrower can withdraw. In other words, while sanctioning a loan, they automatically create deposits, known as a credit creation from commercial banks. The definitions given by the various renowned persons are given below :
A commercial bank essentially a financial intermediary which collects the savings & provides funds. (G S Lall)
It is a banking corporation which accepts demand deposits subject to check and make short term loans to business enterprises. (Lewis E Davids)
Commercial bank are those which accept the deposits of public and grant short-term loans. (M N Mishra)
The bank which deals money and money's worth with a view to earn profit is known as commercial bank. (Prof. Roger)
Features of Commercial Bank
1. It is formed according to banking acts depending on partnership, company, cooperative acts.
2. Collection of savings of general peoples.
3. Objectives of profits making.
4. Preservation of money.
5. Lending.
6. Creation of medium of exchange.
7. Scheduling to central bank.
8. Money transfer.
9. Discounting of various types of security documents.
10. Creating loan-deposits.
11. Branch banking businesses continuation.
12. Various services providing.
Objectives of commercial bank.
1. Profit earning.
2. Savings collection.
3. Safe custody of money.
4. Capital formation.
5. Creating the exchange of medium.
6. Various services providing.
7. Money supply to mass through loans & investment.
8. Creating loan.
9. Maintaining safety.
10. Creating loan deposits.
11. Creating money market.
12. Economic development of a country.
Role of commercial bank in the business development.
Role in domestic trade :
1. Capital supply.
2. Money transfer.
3. Purchase & sale of shares, debentures and bills.
4. Custody of money.
5. Creation of medium of exchange.
6. Settlement of transaction.
7. Representation.
8. Information supply.
9. Advising.
10. Preservation of properties.
11. Issuing certificates of solvency, certainty and goodwill.
Role in foreign trade :
1. Issuing LC.
2. Financing.
3. Supplying foreign currency.
4. Endorsement & payment of bill.
5. Collecting information & advising.
6. Representation.
7. Determining the rate of foreign exchange.
8. Transfer of various documents regarding international trade.
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