The lender of last resort is the function of:

Ans – (b)

Explanation:-

The Central Bank is the banker’s bank and supervisor.

One of the functions of it is,

Lender of the Last Resort:-

When commercial banks fail to meet their financial requirements from other sources, i.e., in case of a financial emergency, they approach the central bank to give loans and advances as lender of the last resort.

The central bank assists these banks through discounting of approved securities and bills of exchange.