of the services. And as the services are sold at the consumption point, there are no inventories. Types of services: Business Services, Social Services, Personal Services. Business services: In order to be competitive, business enterprises are becoming more and more dependent on specialised business services.
Business enterprises look towards banks for availability of funds; insurance companies for getting their plant, machinery, goods, etc., insured; transport companies for transporting raw material and finished goods; and telecom and postal services for being in touch with their vendors, suppliers and customers. Banking: A banking company in India is one which transacts the business of banking which means accepting, for the purpose of lending and investment of deposits of money from the public, repayable on demand or otherwise and withdrawable by cheques, draft, order or otherwise. Type of banks: Banks can be classified into the following i.e., commercial banks, cooperative banks, specialised banks, central bank. Functions of commercial bank: Some of them are the basic or primary functions of a bank while others are agency services or general utility services in nature.
Acceptance of deposits, lending of funds, cheque facility, remittance of funds, allied services. e-Banking: The latest wave in information technology is internet banking. It is a part of virtual banking and another delivery channel for customers. e-banking is electronic banking or banking using the electronic media.
Thus, e-banking is a service provided by many banks, that allows a customer to conduct banking transactions, such as managing savings, checking accounts, applying for loans or paying bills over the internet using a personal computer, mobile telephone or handheld computer (personal digital assistant) Insurance: Insurance is thus a device by which the loss likely to be caused by an uncertain event is spread over a number of persons who are exposed to it and who are prepared to insure themselves against such an event. It is a contract or agreement under which one party agrees in return for a consideration to pay an agreed amount of money to another party to make good a loss, damage or injury to something of value in which