Ans. I do not agree with this statement because beside safe deposit vault commercial bank provides following general utility functions.
General utility functions:
(i) Safe deposit lockers are provided for safe custody.
(ii) Safe deposit custory is provided for safe keeping of important documents, valuables, etc.
(iii) Travelers cheques are issued to avoid risk of theft during travelling.
(iv) Gifts cheques,
(v) Issuing letter of credit.
(vi) Arranging foreing exchange.
(vii) Collection and publication of data.
(viii) ATM facility is provided to account holders.
(ix) Issuing letters of credit.
