Which of the following best defines the term 'Letter of Credit' as used frequently in bank transactions? [SBI PO 1991]

Statement showing outstanding"- deposits and credits of a bank for a particular period

An order from a bank to another bank abroad authorising the payment of a particular amount to a person named in the letter

An unconditional undertaking given by a bank ensuring the payment of a particular amount to the drawee at a given date

Letter by a bank to a person stating the terms and conditions of the loan sanctioned to him by the bank

Which of the following best defines the term 'Letter of Credit' as use

1.	Which of the following best defines the term 'Letter of Credit' as used frequently in bank transactions? [SBI PO 1991]
A.	An order from a bank to another bank abroad authorising the payment of a particular amount to a person named in the letter
B.	An unconditional undertaking given by a bank ensuring the payment of a particular amount to the drawee at a given date
C.	Letter by a bank to a person stating the terms and conditions of the loan sanctioned to him by the bank
D.	Statement showing outstanding"- deposits and credits of a bank for a particular period
Answer» D. Statement showing outstanding"- deposits and credits of a bank for a particular period

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Which of the following best defines the term 'Letter of Credit' as used frequently in bank transactions? [SBI PO 1991]

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