Definition of Para Banking Services- Utility Services Provided by Banks

Q.  Which of the following defines 'Para Banking' services?
- Published on 20 Jul 15

a. Eligible financial services rendered by banks
b. Services provided through business correspondents
c. Services provided to armed forces personnel
d. Utility services provided by banks

ANSWER: Utility services provided by banks
Para Banking activities that a bank normally involves are Global Debit Card, Global Credit Card, Bancassurance, Life insurance products, Non life insurance products, cash management.

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