Question 26
BankingThe most important difference between community banks and peoples' bank is that the
- A.latter is owned solely by government while the former are not
- B.former cater for rural dwellers while the latter caters for both rural and urban dwellers
- C.former are service oriented while the latter is profit oriented
- D.latter advances loans to the public while the former advance loans to rural dwellers only.
Show the answer and explanation
Answer: A (latter is owned solely by government while the former are not)
Explanation
The People's Bank was owned by the Federal Government; community banks were owned by communities and private people.