What is the role played by the banks in the economic development of a country? -SST 10th

What is the role played by the banks in the economic development of a country? -SST 10th
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Answer :

The banks play an important role in an economy of a country. They give interest on the money deposited by the people. Thus they add to the income of the family.Many families survive on the bank interest. The banks mediate between those who have surplus money and those who need money. Banks provide cheap loans to a large number of people. They boost the industry also by providing cheap loans to industrialists. Banks are the backbone of the country’s trade. Banks employ a large number of people and as such they solve the problem of unemployment to a great extent.
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