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Role of banking in the contribution of economic development

Introduction:

Banking is term used to accept deposits and advancing loans to the people. They makeTrade transactions easy and costless. Banking do not need any introduction to anyone. All of us are aware of the fact that it has made easy the people to make their money helpful for increasing the pace of economic development. These have immense scope and also include only money transactions excluding non-money transactions. It has included more aspects in its term.

Facilities that are provided by bank

ATM:

This is the topmost facility that is provided to the people for the immediate Cash requirement and cash withdrawal. This also helps the people to fulfill their requirement as to save the time cost and transport cost. Thismakes us believe that banking has introduced as for the convenience of the people.

Net banking:

This is another tool helpful for the customers. It makes customers   make happier with the banking services. Customers can shopfrom any location with the internet access in just minutes. This is very effective tool and also helps the customer.

Locker facility:

Bank also provides a locker facility for its   high worth customers. And also provides this facility to the customers who are ready to keep their valuable things in the safe.

M-banking:

This is another facility that is also another powerful mode to make payment to any trader/merchant inlittle time and also to increase the banking credit in the eyes of customers.

Banks are the institution whichhelps people to receive cash and to make cash payment. These are playing a vital role in the economic development .these also help the people to utilize their effective timeand also the money needs. San Francisco banks offer all the facilities.

Banking has categorized into two ways:

Private bank: These banks are the bank which is owned by private individuals. Moreover these banks have great facility rather than publicbanks. These are ICICI, HDFC, INDUISIND and many more.when banks were launched there was not any private bank but after some years. After 1976 many banks were nationalized and also private banks grasp the all customers.

Public bank: these are the banks which are owned and undertaken by got. These banks also have great importance and also are helpful for the people. These havenot so effect than private banks.

Summary:

In modern time banking has reach to every customer in some time and also paying a vital role in contribution in economic contribution.Banking is very much popular in today’s time.

Author:echo

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