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Topic Content:
- Meaning of Commercial Bank
- Functions of Commercial Banks
Commercial banks are financial institutions that are established as joint-stock companies with the aim of making a profit. It is a financial institution that accepts deposits, and valuables from the public for safekeeping and it creates credit by granting advancing short-term and medium-term loans to all eligible customers.
They are owned by private individuals, institutions or governments. Commercial banks are limited liability companies.
Examples of commercial banks are First Bank, GT Bank, Skye Bank, Access Bank, Diamond Bank, etc.
The instruments that commercial banks use to grant loans are as follows;
- Overdraft.
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