The Role of Banks in the Economic Development of a Country - Commercial Banks
Here is the role of banks (Commercial Banks) in the economic development of the country. Safe Custody of Valuable Documents Bank plays an important role in our economy. We deposit money and get credit from it for various purposes, like we need money to start a new business, purchasing a car, etc. It provides safe deposit and custody of valuable documents. The safe deposit can be possible by opening checking account or credit card for sending and receiving money. Online Banking is also more secure and modern trend for this purpose. You may Read about What is Bank Reconciliation Statement in banking System . Regulatory System If you want to start a new bank or close the existing one, then you must get the permission from the Government. Govt. makes rules and regulations for the operations of the banking system. Consumers and businesses can make tight check and balance on the performance of the bank towards the economy. Article about Speci...