Business Studies

State with reasons whether the following statements are True or False.
In cash credit, customers account is credited by a bank with the sanctioned amount.


ANSWER

True


SOLUTION
Cash credit is a facility given to current account holder of the bank, to withdraw money even when there is no credit balance. 
There is a limit fixed to the borrowing. The interest on this facility is charged on the running balance and not on the borrowing limit.
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TRUE/FALSE Medium Published on 18th 08, 2020
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