BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following statements about banks is NOT true?
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Banks distribute the medium of exchange.
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All banks are organized as corporations.
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Banks may be chartered by either federal or state governments.
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Banks are essential to maintaining the economy.
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Explanation:
Detailed explanation-1: -Answer and Explanation: The correct option is (d) Payday lender.
Detailed explanation-2: -Sale of post cards and postal stamps services are offered by post office. This service is not offered by commercial banks. Functions of commercial banks include-issuing bank drafts, depositing money and lockers for valuable items. Was this answer helpful?
Detailed explanation-3: -Thus the correct answer is Indian Overseas Bank.
Detailed explanation-4: -Hence, Issuing of Notes is not the function of a Commercial Bank.
There is 1 question to complete.