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Question
State whether the following statement is True or False with reason:
Central Bank works for profit.
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Solution
False, the central bank does not work for earning profits.
Explanation:
Central bank is the apex financial institution of a country. It performs various functions such as being a banker to the government, controller of the credit, issuer of the currency notes and others. The main objective of a central bank is to work for the benefit and development of the society as a whole and not to earn profits.
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