Consider the following statements:
Which of the statements given above is/are correct?
Commercial banks in India perform a wide array of functions beyond their traditional roles of accepting deposits and granting loans. These include various agency and general utility services.
Statement 1: Commercial banks offer services for the purchase and sale of shares and securities on behalf of their customers. This is typically facilitated through their wealth management divisions, providing dematerialized accounts (Demat) and trading platforms, enabling customers to invest in capital markets.
Statement 2: Banks also act in a fiduciary capacity, serving as executors or trustees of wills. In this role, they manage and distribute the assets of a deceased person according to the provisions of their will, offering professional estate management and custodial services.
Since both statements accurately describe recognized functions performed by commercial banks, option (c) is the correct answer.
Option (a) is incorrect because statement 2 also represents a valid function performed by commercial banks.
Option (b) is incorrect because statement 1 also represents a valid function performed by commercial banks.
Option (d) is incorrect because both statement 1 and statement 2 accurately describe functions of commercial banks in India.