A well developed banking system is a necessary precondition for economic development in a modern economy. Banks are to be considered not merely as dealers in money but also the leaders in development.
Bank plays an important role in the development of country. It is the growth of commercial banking in the 18th and 19th centuries that facilitates the occurrence of industrial revolution in Europe. Simlarly the economic progress in the present dsy in developling economies largerly depends on the growth of sound banking system. Banks can contribute to a country's economic development in the following ways
- Capital formation
- Optimum Utilization of Resources
- Encouragement to Enterpreneurial Innovations
- Monetization of the Economy
- Influencing Economic Activity
- Promotion of growth and Stability
- Implementation of Monetary Ploicy
- Promotion of Trade and Industry
- Encouragement to Right types of Industries
- Regional Development
- Development of Agriculture and Other deprived sectors
- Replacement of Informal Lending and so on
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