Question

write the importance of bank​

Answer 1

Answer:

Bank is a financial institution that facilitates transfer of money from one person or business to another person or business. Basically it is an institution for keeping, lending, transferring and exchanging money. Banks lend money that they receive from public as deposits. The money borrowed from bank is then invested in business, agriculture and other income generating opportunities, creating more income, assets and employment opportunities. Such activities have direct impact on the economic growth of the country.

Answer 2

Answer:

Bank is a financial institution that facilitates transfer of money from one person or business to another person or business. Basically it is an institution for keeping, lending, transferring and exchanging money. Banks lend money that they receive from public as deposits. The money borrowed from bank is then invested in business, agriculture and other income generating opportunities, creating more income, assets and employment opportunities. Such activities have direct impact on the economic growth of the country.  Apart from these basic functions, banks perform many other duties also to speed up economic development of the country. Establishing a formal financial system in rural areas, bringing all citizens of the country under banking system through financial inclusion, ensuring even growth of different geographies of the country are some of the other major roles being performed by the banks in India. Sound banking system paves way for industrialization and agricultural development. There are also other types of regulated financial institutions that are permitted to undertake functions similar to that of banks.

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