Commercial banks are referred to as departmental stores of banking because they:
(a)have many branches(b)have many customers(c)are found in the cities(d)offer many types of services
EXPLANATION:
What are departmental stores?
Departmental store are large retail outlet which sells wide range of products under one roof but in different rooms. These rooms are regarded as departments. Each department specializes in one type of products
Hence we can say A departmental store is a collection of shops under one roof and one ownership, each shop or department specializing in selling a special range of goods.
Why are commercial banks departmental store of banking
Commercial banks are financial institutions accessible to consumers. Since consumers have variety of financial needs, Commercial banks is the center solution for financial
Services Offered By Modern Commercial Banks
1. Accepting Deposit 2. Granting Credits- Loans, Overdraft, Mortgage 3. Discounting Of Bill Of Exchange 4. Agent of Payment- Cheque, Standing order 5. Foreign Currency Exchange 7. Consultancy 8. Security
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