Question : A ___________ is a financial institution that accepts deposits from the public and provides credit facilities.
Option 1: Commercial bank
Option 2: Central bank
Option 3: Cooperative bank
Option 4: Development bank
Correct Answer: Commercial bank
Solution : The correct answer is (a) Commercial bank.
A commercial bank is a financial institution that accepts deposits from the public and provides various credit facilities such as loans, overdrafts, and lines of credit. Commercial banks play a crucial role in the economy by mobilizing savings from individuals and businesses and channeling those funds towards productive activities through lending. They offer a range of banking services, including current and savings accounts, fixed deposits, ATM services, online banking, and payment services.
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