bnepathshala

Unit-1 Introduction  Financial Credit It means a letter of credit used directly or indirectly to cover a default in payment of any financial contractual obligation of the Company and its Subsidiaries, including insurance-related obligations and payment obligations under specific contracts in respect of Indebtedness undertaken by the Company or any Subsidiary, and any letter of credit issued in favor of a bank or other surety who in connection therewith issues a guarantee or similar undertaking, performance bond, surety bond or another similar instrument that covers a default in payment of any such financial contractual obligations, that is classified as a financial standby letter of credit by the FRB or by the OCC Objectives: 1-This service is provided by the financial institutions to fulfill the needs of the weaker sections of society. 2- It focuses to help people to buy financial products at affordable prices. Like deposits, loans, insurance, payment services, etc.  3- It s