Commercial Applications
A bank is a …………… which collects money from the public in the form of deposits and lends the same to the borrowers.
- company
- Reserve bank
- government organisation
- Lender of the last resort
Banking
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Answer
company
Reason — As per the definition given in the chapter, a bank may be defined as a company which collects money from the public in the form of deposits and lends the same to borrowers. It is an institution that provides facilities for safekeeping, lending and transfer of money. In India, commercial banks are organised as joint stock companies.
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Related Questions
…………… is a Banker's Bank.
- Commercial Bank
- Agricultural Bank
- Exchange Bank
- Central Bank
In this type of account, no cheque book is issued to the account holder:
- Fixed Deposit account
- Open account
- Saving Deposit account
- Current account
ATM means:
- Any Time Money
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- Auto Transfer Money
- Automated Teller Machine
The …………… is an extract or copy of the customer's account in the bank's ledger as on a particular date.
- Passbook
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- Cheque book
- Withdrawal form