36. Local Area Banks are required to maintain separate reserve funds to cover unforeseen losses.
a) True.
b) False.
Answer: a) True.
37. Local Area Banks are prohibited from participating in the money market.
a) True.
b) False.
Answer: b) False.
38. Local Area Banks are required to comply with norms and guidelines regarding Know Your Customer (KYC) and Anti-Money Laundering (AML) measures.
a) True.
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b) False.
Answer: a) True.
39. Local Area Banks are allowed to offer mobile banking services to their customers.
a) True.
b) False.
Answer: a) True.
40. In addition to traditional banking services, Local Area Banks can also provide services such as wealth management and investment banking.
a) True.
b) False.
Answer: b) False.
