Commercial Applications
Private Banks are the banks which are ……………
- owned and controlled by government
- owned and controlled by private businessmen
- owned and controlled by foreign banks
- owned by central Bank and managed by government
Answer
owned and controlled by private businessmen
Reason — Private sector banks in India are those banks which are owned and controlled by private businessmen, e.g., ICICI Bank, HDFC Bank, Axis Bank. Government-owned banks are called public sector banks (e.g., Union Bank of India), and banks owned by foreign entities are called foreign banks (e.g., Citi Bank, American Express Bank).
Related Questions
…………… is not a legal tender and the creditor may refuse to accept it.
- Bank Draft
- Cheque
- Overdraft
- Cash
Identify an example of Nationalized Bank ……………
- Union Bank of India and State Bank of India
- Citi Bank and HDFC Bank
- ICICI Bank and Axis Bank
- American Express Bank and Yes Bank
Time Deposit account is also known as ……………
- Recurring Deposit account
- Current account
- Saving Deposit account
- Fixed Deposit account
Assertion (A): Central Bank and Commercial Banks have distinct roles in economy.
Reason (R): Central Bank controls money supply and sets policy. Commercial Banks take deposits and make loans to customers.
- A is true but R is false
- A is false but R is true
- Both A and R are true and R explains A
- Both A and R are true but R does not explain A