Which of the following is / are correct statements?

  1. When banks undertake the activities of commercial and investment banking together, it is called mixed banking
  2. When banks undertake the activities of wholesale and retail banking together, it is called Universal Banking

Select the correct option from the codes given below:

Answer: [A] Only 1

Universal banking is a system of banking where banks undertake a blanket of financial services like investment banking, commercial banking, development banking, insurance and other financial services including functions of merchant banking, mutual funds, factoring, housing finance, insurance etc.

This question is a part of GKToday's Integrated IAS General Studies Module