Bank plays an important role in the economic development of the country support the statement with examples
Answers
Answer:: Banks Play An Important Role In Economic Development Of A Country Because: lt gives loan to people.: As a result more people will get funding in order to achieve their goals which ultimately is a benifit to country . Education Loan is an excellent example for such.
Explanation:
Answer:
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.