the number of government securities available and the ability of the market to absorb them. . The money stored in the bank in the form of fixed deposits and recurring deposits also fetches a good amount of interest. It lays down broad guidelines for banking operations within the country and acts as a banker to the scheduled banks. It is also vested with the responsibility of granting licences to new banks, foreign and domestic, and approvals for establishing subsidiaries and the taking up of novel functions by old banks. Encourages Saving Habits, banks offer various schemes from time to time to encourage saving habits in people. The notes are the liability of the Issue Department of the RBI only and hence the assets of the Issue Department are also kept separate from that of the Banking Department of the RBI. Retail Banks These are the most common types of banks. 6, one of the functions the RBI performs is that it has a monopoly with respect to the issue of currency (excluding one rupee coins and notes which are issued by the Government of India) according to section 22 of the RBI Act. . The RBI controls the monetary supply, monitors economic indicators like the gross domestic product and has to decide the design of the rupee banknotes as well as coins.
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On the other hand, if the RBI were to sell government securities to the commercial banks, cash would flow from the latter to the former, thereby reducing the cash reserves of the commercial banks and consequently limiting the expansion of credit by them. The RBI may issue directions as to the purpose of advance, margins to be maintained in respect of the secured advances, rates of interest and any other terms and conditions in relation to the advances. . Issuer of currency- The bank issues and exchanges or destroys currency notes and coins that are not fit for circulation. Regulator and supervisor of the financial system. Besides, accepting deposits from individuals these banks offer various other services too. Providing Loans Here are the types of loans and advances offered by the banks: Loans: Loans are offered for both short term and long term period. These are mostly found in first world countries. (b) It controls the credit operations of banks through quantitative and qualitative controls. Banks form an integral part of any society. Various banking services such as checking balance, transferring amount, applying for loan are now provided on the banks website. Each Local Board consists of five members who are appointed by the Central Government for a term of four years as per.9 of the RBI Act. .
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