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Question
Write a word, term, or phrase that can substitute for
the following statement:
The authority which has power to accept deposits.
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Solution
Commercial banks
Explanation:
Commercial banks are financial institutions legally authorized to accept deposits from the public. They provide a safe place for people to keep their money and offer services like savings accounts, current accounts, and fixed deposits. Accepting deposits is one of their primary and essential functions.
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OR
Multiple Choice Question:
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A public deposit is a deposit made by public in the nationalised banks.
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Explain the pros and cons of public deposits as a source of business finance.
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