Role /importance/contributions of bank in the economic development of a country.
The economy of every country depends on either agricultural or industry. The contributions of bank in the economic development of a country are given below:
1. Formation of capital.
2. Agricultural development.
3. Industrial development.
4. Development of internal and external trade & commerce through supplying huge capital,
collecting & transferring finance, settlement of debit- credit, opening LC , rebating bill of
exchange.
5. Increasing investment.
6. Creation of medium of exchange through canting cheque, DD, TT, MT, PO, and introducing debit/ credit/ATM/ cash/visa card etc.
7. Preserving the standard of currency with the help of taking various techniques.
8. Credit control.
9. Control of foreign exchange.
10. Assist to determine financial policy.
11. Increasing revenue.
12. Development of living standard.
13. Employment.
14. Decreasing deflation.
15. Creation of loan-deposits.
16. Establishing economic stability.
Features/Criteria/Qualities / Considering factors of bank.
Bank is a financial institution and middle trader also. It receives deposits of savings of general people. It keeps a part of deposits to its hand for meeting daily necessity of clients and the remained are invested or given to mass as loan. So, its criteria are separate from other business or financial institutions. The features of bank are given below :
* Intermediary.
* Financial institution.
* legal entity.
* Solvency.
* Receiving deposits.
* Issuing loan.
* Safety.
* Keeping secrecy.
* Servicing
* Representation.
* Advising.
* Foreign exchange.
* Origin of bank must be under banking act.
* location will be easy and secured.
* More experienced.
* Nationality.
* Efficient management.
* solvency.
* Economy.
* Number of accounts will be more.
* Better relation with central bank.
* Good behaviour showing.
* Better services provider.
* Secrecy maintaining.
* Creation of sensibilities.
* Punctuality.
* Application of technology.
* Goodwill.
* Liquidity.
* High level of loan & investment.
* Higher rate of interest and profit.
* Advising.
* Assist to the government.
* Social development.
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