Why Banks are backbone of country’s economy?
Banking sector are the backbone of country’s economy as finance is the life blood of commerce and trade. Banks provide the bridge between those who have capital and those who need capital. Banks as financial institute provides lending and credit avenues to the society. Development of any country depends on the banking system. Modern banking is playing a big role also in merchant banking, asset management , infra structure banking and online banking. Banks plays a critical role in the economy of any country as it controls the interest rates of loans and deposits. Banks by expanding and opening branches in smaller cities and villages in addition to big cities helps in the process monetisation very important for growth of the economy. Banks ;loans help entrepreneurs to set up business creating large scale employment in the country.
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