The services of a financial institution should be made available only to people who have excess money.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	True
B	False

Explanation:

Detailed explanation-1: -A commercial bank is a financial institution that accepts deposits, offers checking and savings account services, and makes loans. A bank is a financial institution licensed to receive deposits and provide other services such as mortgage loans and individual retirement accounts.

Detailed explanation-2: -In today’s financial services marketplace, a financial institution exists to provide a wide variety of deposit, lending, and investment products to individuals, businesses, or both.

Detailed explanation-3: -A correspondent bank is an authorized financial institution that provides services on behalf of another financial institution.

Detailed explanation-4: -The financial services sector is the primary driver of a nation’s economy. It provides the free flow of capital and liquidity in the marketplace. When the sector is strong, the economy grows, and companies in this industry are better able to manage risk.

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