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Question
Which of the following is not a service rendered by banks?
Which of the following is not a service rendered by banks?
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Solution
The correct option is C Minting money
Banks are financial institutions that accept money from depositors and offer them interests. This deposited money is lent out at higher interests. The difference in these interests makes for the banks' profits.
When a person holds an account with a bank, it provides certain facilities like demand drafts, cheques, and debit cards. Money is minted only by the central bank and the finance ministry.
Banks are financial institutions that accept money from depositors and offer them interests. This deposited money is lent out at higher interests. The difference in these interests makes for the banks' profits.
When a person holds an account with a bank, it provides certain facilities like demand drafts, cheques, and debit cards. Money is minted only by the central bank and the finance ministry.
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