Question

Two years back, Rahul had joined a branch of Bank Of Baroda as assistant manager in the term deposits division in Delhi whereas his younger brother Rehan recently HDFC Bank as business development manager in Kolkata. While discussing about their job experiences, both the brothers realized that the working of the two banks varies primarily because they belong to different sectors of the economy. However, on certain parameters the approach of both the banks is similar like, offering a higher rate of interest on term deposits made by senior citizens, ensuring safety and security in net banking etc.

In the context of the above case

A) By quoting the lines from the above paragraph, identify the 2 sectors being highlighted.

B) State any 2 differences between 2 sectors as identified in part (A) of the question.

Answer 1

Public and Private Sector

Explanation:

A) "Rahul had joined a branch of Bank Of Baroda" - ​​​​​PUBLIC SECTOR  

                      (Bank of Baroda is a government bank)

    "Rehan recently joined HDFC Bank" - PRIVATE SECTOR

                     (HDFC Bank is private bank)

B) Difference between the two sectors are:

Public Sector :

1. The sector which is under the control of the government is called Public Sector.
2. The sole objective of public sector is the welfare of its citizens

Private Sector :

1. The sector which is controlled solely by private individuals or companies are called Private Sector.
2. The sole of objective of private sector is to make profits.