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Class 7 · Social Science · Exploring Society: India and Beyond - Part II

8. Banks and the Magic of Finance

Chapter test

Practise 5 questions from this chapter

Timed, with answers, explanations and where your marks went.

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Try question 1

Banks pay money to depositors on their savings. This is called

Answer and explanation

Answer: A. interest

Banks also charge interest on the loans they give.

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Try question 2

The central bank of India is the

Answer and explanation

Answer: A. Reserve Bank of India

The RBI regulates other banks and manages currency.

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Try question 3

The Pradhan Mantri Jan Dhan Yojana aims to

Answer and explanation

Answer: A. give bank accounts to people who did not have them

It promotes financial inclusion.

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All 5 questions of this chapter, with explanations →