Banking · Banker-Customer Relationship
A bank acts as an Agent for its Principal when it performs which of the following functions?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Allowing a customer to withdraw cash using an ATM.
- 2Providing a Bank Guarantee on behalf of the customer.
- 3Executing a customer's Standing Instruction to pay monthly insurance premiums to a third party.✓
- 4Allowing a customer to avail a pre-approved overdraft facility.
Correct answer
Executing a customer's Standing Instruction to pay monthly insurance premiums to a third party.
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