Commerce
JAMB 2022
Which of the following is not a characteristic of a commercial bank?
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A.
Established as limited liability company
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B.
Established by individuals or organizations
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C.
Established to issue bank notes
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D.
Established with the view of making profit
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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