The commercial banks differ from non-bank financial institutions because they
Answer Details
Commercial banks differ from non-bank financial institutions because they accept deposits that are withdrawable by cheque. This means that customers can deposit money into their accounts and then withdraw it later using a cheque. Non-bank financial institutions, on the other hand, do not typically accept deposits or offer cheque-writing privileges. Non-bank financial institutions include entities such as insurance companies, pension funds, and investment funds, which mobilize savings, invest surplus funds and contribute to economic development in different ways.