Question

Modern banking system plays an important role in country's economic development. Briefly
explain.​

Answer 1

Answer:

Modern banking system plays an important role in the country's economic development. Briefly explain. One of the main functions of the banking system is credit creation. ... The investment of the investors makes the economy better off, and investment is made available by the bank.

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Answer 2

Answer:

The answer is given below in the explaination box....... Hope my answer helps

Explanation:

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.