Question

how do banks play an crucial role in the development of the country

Answer 1

(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

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Answer 2

Banks play an important role in the economy: ... Loans are required for various economic activities as well as investments, Banks mediate between people having surplus cash and those in need of it. 3. They give interest tothe depositors and they charge interest on those taking loans from the banks.