A. correspondent banks
B. non-correspondent banks
C. reciprocal transactions
D. functional banks
✅ The correct answer is option A.
Banks that deals with reciprocal agreements and accounts are considered as correspondent banks. Correspondent banks are financial institutions that act as an agent on behalf of other financial institutions, usually foreign banks.
Banks that deals with reciprocal agreements and accounts are considered as correspondent banks. Correspondent banks are financial institutions that act as an agent on behalf of other financial institutions, usually foreign banks.