Which of the following institutions is not part of the modern banking system?

Question

Quizplus · Accepted Answer

Mutual funds are not part of the modern banking system. They are investment vehicles that pool money from multiple investors to purchase securities, such as stocks and bonds. While they may be offered by banks or other financial institutions, they are not themselves banks or part of the traditional banking system. Credit unions, savings and loan associations, and mutual savings banks, on the other hand, are all types of financial institutions that are part of the modern banking system.

Which of the Following Institutions Is Not Part of the Modern