Consider the following statements: The functions of commercial banks in India include 1. Purchase and sale of shares and securities on behalf of customers. 2. Acting as executors and trustees of wills. Which of the statements given above is/are correct?

The correct answer is C because commercial banks in India perform both primary and secondary functions. Statement 1 is correct as banks provide agency services to their customers, which includes the purchase and sale of shares, bonds, and securities. This is often done through Demat accounts and brokerage services offered by the bank. Statement 2 is also correct because acting as executors, administrators, and trustees of wills is a standard fiduciary service provided by commercial banks. They manage the assets and estate of a customer according to their legal will after their demise. Since both statements describe valid agency and utility functions of commercial banks, the correct option is C.