Apart from accepting deposits and lending money, Banks also carry out, on
behalf of their customers the act of transfer of money - both domestic and
foreign.- from one place to another. This activity is known as
"remittance business" . Banks issue Demand Drafts, Banker's
Cheques, Money Orders etc. for transferring the money. Banks also have the
facility of quick transfer of money also know as Telegraphic Transfer or
Tele Cash Orders.
deliver this service, a Bank must have:
effective branch network or correspondent relationships.
system of Inter branch reconciliation
system of reconciliation with the correspondents
of funds at all the centers