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Which type of bank primarily serves the needs of low-income individuals and smal

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Question: Which type of bank primarily serves the needs of low-income individuals and small businesses?

Options:

  1. Commercial Bank
  2. Investment Bank
  3. Microfinance Bank
  4. Central Bank

Correct Answer: Microfinance Bank

Solution: 

Microfinance banks primarily serve the needs of low-income individuals and small businesses by providing small loans.

Which type of bank primarily serves the needs of low-income individuals and smal

Practice Questions

Q1
Which type of bank primarily serves the needs of low-income individuals and small businesses?
  1. Commercial Bank
  2. Investment Bank
  3. Microfinance Bank
  4. Central Bank

Questions & Step-by-Step Solutions

Which type of bank primarily serves the needs of low-income individuals and small businesses?
  • Step 1: Understand that there are different types of banks.
  • Step 2: Identify the purpose of a microfinance bank.
  • Step 3: Recognize that microfinance banks focus on helping low-income individuals.
  • Step 4: Note that microfinance banks also support small businesses.
  • Step 5: Learn that microfinance banks provide small loans to these groups.
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