30. "Bank plays an important role in the economic
development of the country." Support the statement
with examples.
Answers
Answer:
Bank plays an important role in the economic development of the country in many ways:
(i) Bank provides loan in rural area for crop production ultimately resulting in the development of many places.
(ii) Bank provides loan to create fixed assets that will create employment opportunities.
(iii) It acts as a link between savers and investors.
(iv) Banks accepts the deposit and pay an amount as interest on the deposit which mobilises savings.
(v) Bank uses major portion of these deposits to extend loan for various profitable events.
Answer:
Bank plays an important role in the economic development of the country in many ways :
(i) Bank provides loans in rural areas for crop production, ultimately resulting in the development of many places.
(ii) Bank provides loans to create fixed assets that will create employment opportunities.
(iii) It acts as a link between savers and investors, i.e. people who have surplus money and those who are in need of money.
(iv) Banks accepts the deposit and pays an amount as interest on the deposit which mobilizes savings.
(v) Bank uses major portion of these deposits to extend loan for the industrial and agricultural sector. They also provide funds to different organisations.
Explanation: