Tuesday 8 April 2014

How do banks help in the economic development of a country?

  • Banks mobilize the small savings of the public and make them available for productive purposes.
  • Banks provide convenient means of transfer of funds from one place to another.
  • Banks also act as a mediator between exporters and importers by way of letter of credit and bank guarantee.
  • Banks give preference to priority sector lending which leads to equitable and productive use of funds.
  • Banks provide funds for huge infrastructure projects by way of consortium lending.


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