1.

Which of the following best defines the term 'Letter of Credit' as used frequently in bank transactions?

Answer»

An ORDER from a bank to another bank ABROAD authorizing the payment of a PARTICULAR amount to a person NAMED in the letter
An unconditional undertaking given by a bank ensuing the payment of a particular amount to the drawee at a given date
Letter by a bank ot a person starting the terms and conditions of the loan sanctioned to him by the bank
Statement showing outstanding deposits and credits of a bank for a particular period

Answer :A


Discussion

No Comment Found

Related InterviewSolutions