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What are the role played by the banks in economic development of a country

Posted by Kajal Goyat 6 years, 10 months ago

CBSE > Class 10 > Social Science

1 answers

Yogita Ingle 6 years, 10 months ago

A bank is an institution which accepts deposits from public for the purpose of lending and investment .
As the progress of business activity is fully linked with the credit system of a country bank credit helps business to fulfil their needs for raw materials , working capital etc.
Banks also help the farmers and poor who are in need of money and the increase in the income of all these people increase the national income.
Therfore, banks play an important role in the economy of a country through credit.

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CBSE > Class 10 > Social Science