Question

You study in a village in Karnataka. After completing your 12th grade, you went to Bangalore to complete your graduation.

Which of the following functions of a bank helps your parents send you money for your education?

• A. Foreign exchange transactions
• B. Letter of credit
• C. Bill discounting
• D. Transferring money

Answer 1

The correct option is D Transferring money

Individuals can transfer money from one place to another. This is known as remittance. Some people use this banking service to send money to their families. This can be carried out through numerous ways like a direct account transfer or e-banking methods like UPI services.