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What type of bank primarily provides financial services to low-income individual

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Question: What type of bank primarily provides financial services to low-income individuals?

Options:

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

Correct Answer: Microfinance Bank

Solution: 

Microfinance banks primarily provide financial services to low-income individuals and small businesses.

What type of bank primarily provides financial services to low-income individual

Practice Questions

Q1
What type of bank primarily provides financial services to low-income individuals?
  1. Commercial Bank
  2. Investment Bank
  3. Microfinance Bank
  4. Development Bank

Questions & Step-by-Step Solutions

What type of bank primarily provides financial services to low-income individuals?
  • Step 1: Understand that some banks focus on helping people with low incomes.
  • Step 2: Learn that these banks are called microfinance banks.
  • Step 3: Know that microfinance banks offer financial services like small loans and savings accounts.
  • Step 4: Recognize that these services help low-income individuals and small businesses improve their financial situation.
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