explain the role of banks in the development of economy of the country
Answers
Banks play an important role in development of economic sector of a country they provide loans to poor farmer at at minimum interest which helps farmer to produce more and more goods and hence help in economic growth as per today more than 50% off people are arranged in agriculture but only 14% of total contributes in economy which is a very low rate because only 15% of farmer are taking loan from banks but most of Industrialist around 90 to 95% taking loan from Bank at a low rate as per this they r are becoming more rich and and poor farmers becoming more and more poor
Answer:
Explanation:
Banks provide cheap credit which is necessary to meet working capital needs and start new businesses.
Banks also provide interest on money kept in demand deposit.
Hence banks help in development of nation.