Q. Consider the following statements:
1.Both banks and non-bank financial institutions can accept deposits and provide loans.
2.Non-bank financial institutions allow depositors to withdraw funds using cheques.
Which of the statements given above is/are correct?
Answer: A
Notes:
Explanation:
- Both banks and non-bank institutions may accept deposits and lend money.
- Only banks allow depositors to withdraw funds using cheques; non-bank institutions do not offer this facility.
Source: Indian Economy (Ramesh Singh)
