Question

How do banks play an important role in the economy of India explain

Answer 1

i) They provide cheap and affordable credit to the poor people which is essential for country's development.
ii) They provide a safe way of depositing and saving money to the people.
iii) They help reduce poverty by providing employment opportunities to the people who have less skills and low capital.
iv) Banks give people the facility of payment of an amount through cheques. This reduces the chances of money (in cash) being lost or stolen.

Answer 2

Answer:

The banks play an important roel in the economy of a country-

• They keep the money of the people in safe custbody otherwise people can become an easy prey of thieves or robber.
• The banks are the backbone of the country's trade.
• Banks employs large number of people and solve the employment problem also.
• It provides cheap lones to large nmbr of people.
• They give interest on the money deposited by the people.

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