Essay On Role Of Banks In Economy

Essay On Role Of Banks In Economy-42
The modern economies in the world have developed primarily by making best use of the credit availability in their systems.An efficient banking system must cater to the needs of high end investors by making available high amounts of capital for big projects in the industrial, infrastructure and service sectors.

The modern economies in the world have developed primarily by making best use of the credit availability in their systems.An efficient banking system must cater to the needs of high end investors by making available high amounts of capital for big projects in the industrial, infrastructure and service sectors.

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Towards the beginning of the twentieth century, with the onset of modern industry in the country, the need for government regulated banking system was felt.

The British government began to pay attention towards the need for an organised banking sector in the country and Reserve Bank of India was set up to regulate the formal banking sector in the country.

mopping up small savings at reasonable rates with several options.

The common man has the option to park his savings under a few alternatives, including the small savings schemes introduced by the government from time to time and in bank deposits in the form of savings accounts, recurring deposits and time deposits.

The wheel of time had turned a full circle by early nineties and the government after the introduction of structural and economic reforms in the financial sector, allowed the setting up of new banks in the private sector.

Whats A Narrative Essay - Essay On Role Of Banks In Economy

The new generation private banks have now established themselves in the system and have set new standards of service and efficiency.

Shakespeare also referred to ‘Shylocks’ who made unreasonable demands in case the loans were not repaid in time along with interest.

Indian history is also replete with the instances referring to indigenous money lenders, Sahukars and Zamindars involved in the business of money lending by mortgaging the landed property of the borrowers.

Fortunately, during the past about one decade there has been increased participation of the private sector in infrastructure projects.

The banks and the financial institutions also cater to another important need of the society i.e.

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