Which banks accept deposits from the public and lend them to fund-seekers, mainly to make profit?

Central Bank

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Development Bank

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Commercial Bank

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Industrial Bank

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None of these

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Solution

The correct option is C Commercial Bank
A Commercial Bank is a profit seeking business firm, dealing in money and credit.

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Q32) Consider the following statements about Payment Banks.

i) Payments banks will mainly deal in remittance services and accept deposits of up to Rs 1 lakh.

ii) They will not lend to customers and will have to deploy their funds in government papers and bank deposits.

iii) They can issuedebit cards and credit cards.

Which of the above statements is/are correct?

Commercial banks accept deposits from the public in the form of:

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