NO, I do not agree with this statement.
Reasons,
Bankers to the Government: -The Central bank performs the
following –
a. It transacts all
banking business of the Central Governments. It accepts money on account of the
government and makes payment on behalf of the government.
b. It makes temporary
advances to the government.
c. It makes
extraordinary advances to the government during emergencies.
d. It manages public
debt and is responsible for issue of new loans.
e. It advises the
government to take measures to control inflation.