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Q.

Mention if the given statement is true or false:


The people who borrow money from the banks are called depositors.


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a

True

b

False 

answer is B.

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Detailed Solution

The above statement is false.
Borrowers, not depositors, borrow money from the banks. When people have extra money, they deposit it in the banks and also receive interest on the deposits. They are known as depositors. The deposits kept in banks are used to provide loans to those who need them, and the bank gets interest on them. The difference in the interest amounts is how banks earn profits.
Thus, the corrected statement is: “The people who borrow money from banks are called borrowers.”
 
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