IGNOU ECO 1 2017 2018 - The relationship between a banker and customer is primarily that of a

Question

The relationship between a banker and customer is primarily that of a debtor and a creditor”. Discuss

16 Feb 2018

Answer :

Word Count : 340

When a customer opens an account with a bank and if the account has a credit balance, then the relationship is that of debtor (banker / bank) and creditor (customer).

In case of savings / fixed deposit / current account (with credit balance), the banker is the debtor, and the customer is the creditor. This is because the banker owes money to the customer. The customer has the right to demand back his money whenever he wants it from the banker, and the banker must repay the balance to the customer.

In case of loan / advance accounts, banker

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