General Studies · Principles and Practices of Banking

Which of the following combinations of statements accurately explains the guidelines for the safekeeping and preservation of loan documents in commercial banks? Statement 1: Loan documents are valuable securities representing the bank's claims against borrowers and must be preserved securely for extensive periods. Statement 2: Loan documents can be stored in any standard file cabinet as long as it is placed within the main branch office area. Statement 3: Proper physical handing-over of loan documents must be formally recorded whenever there is a change in the authorized custody official. Statement 4: Modern banking practices involve storing documents at centralized storage centers or hubs for regional security and streamlined administration.