Question

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Ques:Bank plays an important role in the upliftment of the Indian economy justify the statement
Ans: banks are the formal sector of credit people deposit their money in banks as a demand deposits people can withdraw the money anytime even through cash or through cheque
The Money is totally safe with bank thus it is beneficial for an individual
Bank uses this demand deposit for extending the loan requirement.
There is a huge loan requirement for various economic activities bank gives loan not just to the large business man or profit making businesses but it also gives loan to the small borrowers small cultivators or small farmers and peasants.
Large business man or entrepreneurs can take loan from the bank and open up factories in rural areas or in town
ThusBank plays an important role in the development of Indian economy

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