What are secondary functions?

secondary function is a chord that belongs to a key other than the main key. Consider the following example: V/V. [G: V I]

Keeping this in consideration, what are the secondary functions of money?

Primary functions are known as original functions. They are medium exchange and measure of value. Secondary functions include standard of deferred payments, store of value and transfer of value. Contingent functions cover distribution of income, measurement and maximisation of utility.

Likewise, what are the secondary functions of bank? Functions of Commercial Banks: – Primary functions include accepting deposits, granting loans, advances, cash, credit, overdraft and discounting of bills. – Secondary functions include issuing letter of credit, undertaking safe custody of valuables, providing consumer finance, educational loans, etc.

Also to know is, what are primary and secondary functions?

Explain the Primary and Secondary functions of Money. Primary function: The primary function of money includes money as a medium of exchange and money as a measure of value. Secondary function: The secondary function of money includes money as a store of value and money as a standard of deferred payment.

What are the secondary functions of commercial bank?

Secondary Functions of Commercial Banks A bank acts as an agent to its customers for various services like: Collecting bills, draft, cheques, etc. Paying the insurance premium, rent, loan installments, etc. Working as a representative of a customer for purchasing or redeeming securities, etc.

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