Main Functions Of State Bank Of India

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Main Functions Of State Bank Of India
Central Banking 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:
Renders Promotional Functions:
General Banking Functions
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.

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Answered By StudyChaCha Member