YES, I agree with this statement.
General Utility Functions: - The bank performs general utility functions, such as:
a. Issue of Drafts, LCs, etc: -Banks issues drafts for transferring money form one place to another. It also issues letter of credit, especially in case of import trade. It also issues travellers cheques.
b. Locker Facility: -The bank provides a locker facility for the safe custody of valuable documents, gold ornaments, and other valuables.
c. Underwriting of Shares: -The bank underwriter’s shares and debentures through its merchant bank division.
d. Dealing in Foreign Exchange: -The commercial banks are allowed by RBI to deal in foreign exchange.
e. Project Reports: -The bank may also undertake to prepare project reports and feasibility studies on behalf of its clients.
f. Social Welfare Programmes: -It undertakes social welfare programmes, such as adult literacy programmes. Public welfare campaigns, etc.