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What is a key characteristic of a cooperative bank?
Practice Questions
Q1
What is a key characteristic of a cooperative bank?
Owned by shareholders
Operates for profit
Owned and operated by members
Regulated by the central bank
Questions & Step-by-Step Solutions
What is a key characteristic of a cooperative bank?
Steps
Concepts
Step 1: Understand that a cooperative bank is a type of financial institution.
Step 2: Know that it is owned by the people who use its services, called members.
Step 3: Realize that the main goal of a cooperative bank is to serve the needs of its members, rather than to make a profit.
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