banks are playing an important role in the development of the Indian economy support the answer with example (5 mark question)
Answers
1)Bank plays an important role in the field of development of a country.
2)Bank transacts the business with finance.
3)It accepts deposits from the public and private sectors.
4)It also accepts the deposits from businessmen.
5)It also lends loans for many agricultural fields and business purposes.
6)It accepts cheques as well as cash.
7)It also discounts bills.
8)Issuing letters of credit and guarantee to the account holders.
Answer:
Banks play a major role in the development of Indian economy. It also helps in empowering people with awareness about how to save ones hard earned money for future use.
An example is loans for agricultural fields which will help farmers who depend their livelihood on agriculture.
Educational loans will make everyone in this country to get educated irrespective of their financial status.
Banks also provide instant money to the people who are in need in terms of interest. Technological advancement also made this field very flexible and everyone can have a track of their transactions easily. One can send money within seconds due to the technological advancements.