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How is bank helpful in improving Indian economy

Posted by Nikhil Reddy 5 years, 4 months ago

CBSE > Class 10 > Social Science

2 answers

Yogita Ingle 5 years, 4 months ago

THE banks play an important role in the economy of the country:

Banks help people to save their money in safe custody. To save their money, people deposit their money with banks.
Banks give interest on the money deposited by the people. Thus, they add to the income of the family.
Many families survive on the bank interest.
Banks provide loans to people for a variety of purposes.
Banks charge low interest rate.
Credit provided by banks is crucial for the country’s growth and economy.
Banks boost the industrial sector by providing cheap loans.
They are the backbone of the country’s trade.
Banks employ a large number of people and as such they solve the employment to some extent.

0Thank You

Saurabh ???? 5 years, 4 months ago

Bank increase the interest of people to do any business by giving loans. Due to having money people are able to fulfil their demands occurred in that work. Bank keep ours money safe and secure.

0Thank You

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