how can
you justify the importance of banking
services to India's economic development?
Answers
The role of banks in economic development is to remove the deficiency of capital by stimulating savings and investment. A sound banking system mobilizes the small and scattered savings of the community, and makes them available for investment in productive enterprises.
Answer:
Banks play an important role in developing the economy of India by the following ways:
1) Banks keep the money of the people in its safe custody.
2) Banks give interest on the deposited money to the people.
3) Banks mediate between those who have surplus money and those who are in need of money.
4) Banks provide the loan to a large number of people at low-interest rate.
5) Banks promote agricultural and industrial sector by providing loans.
6) They also provide funds to different organizations.
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