DIGITAL ALBUM PRANITHA R CANDIDATE CODE 19025377005 BED COMMERCE
BUSINESS SERVICES: ▪ Business services are activities that facilitate the smooth and efficient functioning of business operations by supporting the production and distribution of goods. They include essential services such as banking, insurance, transportation, warehousing, and communication, which help businesses operate effectively and achieve their objectives.
CLASSIFICATION OF BUSINESS SERVICES BANKING 1 INSURANCE 2 COMMUNICATION 3 TRANSPORTATION 4 WAREHOUSING 5
BANKING ✓ Banking is the system through which financial institutions accept deposits, provide loans, and offer various financial services. ✓ It plays a vital role in economic development by facilitating savings, investments, and money transactions.
TYPES OF BANKS THERE ARE DIFFERENT TYPES OF BANKS IN ORDER TO MEET THE VARIOUS NEEDS AND REQUIREMENTS OF ITS CUSTOMERS.THE FOLLOWING FLOWCHART SHOWS ITS TYPE:
TYPES OF BANKS COMMERCIAL BANKS COOPERATIVE BANKS SPECIALISED BANKS CENTRAL BANKS PUBLIC SECTOR BANKS PRIVATE SECTOR BANKS
1. COMMERCIAL BANK Commercial banks accept deposits from the public and provide loans to individuals and businesses. They offer services such as savings accounts, current accounts, internet banking, and ATM facilities. 1.1 Types of Commercial Banks ▪ Public Sector Banks ▪ Private Sector Banks
1.1.1 Public Sector Banks ▪ Public sector banks are banks in which the government owns more than 50% of the shares and controls their management. ▪ Examples: State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda.
1.1.2 Private Sector Banks ▪ Private sector banks are banks owned and managed primarily by private individuals or private companies. ▪ Examples: HDFC Bank, ICICI Bank, Axis Bank.
COOPERATIVE BANKS ▪ Cooperative banks are financial institutions owned and managed by their members, providing banking services mainly to farmers, small businesses, and local communities
SPECIALISED BANKS Specialized banks provide financial assistance for specific sectors such as agriculture, exports, housing, and industrial development. Examples: NABARD, EXIM Bank, SIDBI.
CENTRAL BANKS The central bank is the apex financial institution that regulates the country's banking system and controls the supply of money. In India, the central bank is the Reserve Bank of India (RBI).
2. INSURANCE 2.1 Life Insurance: Life insurance provides financial protection to the family in case of the policyholder's death. 2.2 General Insurance: General insurance covers risks other than life, such as property, vehicles, health, and business 2.2.1 Marine Insurance Marine insurance protects ships, cargo, and goods against losses during sea transportation. 2.2.2 Fire Insurance Fire insurance provides compensation for losses caused by fire and related hazards. Insurance is a contract that provides financial protection against unexpected losses. It helps individuals and businesses reduce financial risks by paying a premium
3. COMMUNICATION Communication services enable people to exchange information quickly through various means such as post, telephone, and the internet. 3.2 POSTAL SERVICES Postal services facilitate the delivery of letters, parcels, and other mail across the country. 3.1 TELECOMMUNICATION SERVICES Telecommunication services provide voice, data, and internet telephone and wireless networks.
4. TRANSPORTATION Transportation is the movement of goods and people from one place to another.
5. WAREHOUSING Warehousing is the process of storing goods safely until they are needed for distribution or sale. 5.1 Private Warehouse 5.2 Public Warehouse 5.3 Bonded Warehouse A private warehouse is owned and operated by a manufacturer or business for storing its own goods. A public warehouse provides storage facilities to the public for a specified rental charge. A bonded warehouse stores imported goods under customs supervision until the required duties are paid.
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