Representative office of any bank
Explain what is meant by the Representative office of any bank.
Expert
Representative office is small service facility organized by the parent bank personnel which is developed in order to assist the MNC clients of parent bank in its dealings with correspondents of the bank. It is a mode for parent bank for providing its MNC clients with the level of service larger than that provided simply through a correspondent relationship.
Due Diligence:1. General: Assess of prudence, accountability, and diligence which is expected from, and ordinarily exercised by, a reasonable and prudent person beneath the situations.
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