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How do banks play a important role in the economy of India ? Explain.

Posted by Tejasvini S 5 years, 3 months ago

CBSE > Class 10 > Social Science

2 answers

? Yang ? 5 years, 3 months ago

BANKS PLAY AN IMPORTANT ROLE IN DEVELOPING THE ECONOMY OF INDIA IN THE FOLLOWING WAYS: (i) They keep the money of people in its safe custody. (ii) They give interest on the deposited money to the people. (iii) They mediate between those who have surplus money and those who are in need of money. (iv) They provide loan to large number of people at low interest rate. (v) They promote agricultural and industrial sector by providing loans. (vi) They also provide funds to different organizations. "HOPE IT HELPS YOU"?✌

1Thank You

Meghna Thapar 5 years, 3 months ago

Banks play an important role in developing the economy of India :

(i) They keep money of the people in its safe custody.

(ii) They give interest on the deposited money to the people.

(iii) They mediate between those who have surplus money and those who are in need of money.

(iv) They provide loan to large number of people at low interest rate.

(v) They promote agricultural and industrial sector by providing loans.

(vi) They also provide funds to different organizations

1Thank You

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