What is the name of the financial institution which is/are not banks but they accept deposits and do not offer loans?
Answer & explanation
Correct answer: option 2
The correct answer is Option 2: Post offices
Post offices often accept deposits through various savings schemes and accounts but do not offer loans. They provide a way for people to save money while ensuring the safety of their deposits.
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LIC (Life Insurance Corporation): LIC is an insurance company that offers insurance products and does not primarily deal with deposits or loans.
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Central Banks: Central banks manage the monetary system of a country and do not accept deposits from the public or offer loans in the way commercial banks do. They regulate and control the banking sector.
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Mutual Funds: Mutual funds pool money from investors to invest in a diversified portfolio of securities. They do not accept deposits or offer loans; rather, they invest in financial markets.