Which of the following is not a characteristic of a commercial bank?

Commerce

JAMB 2022

A. Established as limited liability company
B. Established by individuals or organizations
C. Established to issue bank notes
D. Established with the view of making profit

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Correct Answer: Option C

Explanation

The characteristics of commercial banks are:
- it is a limited liability company
- the motive for its establishment is profit making
- they are members of the money market
- commercial banks are incorporated
- they accept deposits and other valuables.
- they are owned by private individuals, institutions or governments.

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