A bank is an insitution which deals in ________.

goods

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money

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issue of currency

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none of the above

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Solution

The correct option is A money
A bank is an institution which deals in money. It facilitates the transactions of different types of business both small and large scale and even on an individual level. Even though banks deal in money still they are not empowered to issues currency. In India only the Reserve Bank of India (RBI) has the power to issue currency.

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Which of the following is an essential function for a financial institution to become a bank?

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