Banking Awareness by Disha Publication

Banking Awareness by Disha Publication
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Banking Awareness by Disha Publication

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Publisher: Disha Publication
ISBN: 9789384089771
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CHAPTER
1
History of Banking its Evolution and Development
ROLE OF BANKS IN INDIAN ECONOMY - SALIENT FEATURES Banks play a crucial role in the economic development of any country. Many developed countries such as Japan, Germany etc. owe their growth and development to strong financial system including banking system. In most of the growing economies including India strong healthy banks are pivotal to development. In countries with growing economies like India, banks are important from four angles. These are One, banks help in developing other financial intermediaries and markets as per the need of the country. Two, help the corporate sector to meet its money needs because of less developed equity and bond markets. Third, banks help mobilize the savings of large number of savers, which look for assured income and liquidity and safety of funds, and Lastly, Banks also provide financial stability in the economy.
HOW BANKS HAVE CHANGED OVER YEARS Banking has changed with the needs of the economy over the years and evolved as a strong instrument of development. The various phases of changes that have made banks an instrument of development are given below 1. Countries world over have been divided into two major groups viz. underdeveloped backward and developed advanced countries. FYP defined underdeveloped economy as one where the economy has not been able to unutilize the given available resources or have underutilized the resources like natural resources, manpower resources etc. Developed economy on the other hand means where full or large utilization of such resources have taken place for the growth and development of the economy. Underdeveloped or growing economies like India, are also characterized by nature of occupational pattern which in India is mainly agriculture, and the population is largely agrarian population . Reason for non-utilization of resources could be non-availability of technology prevailing socio-economic factors that may hinder the use of available resources etc. Under-developed economies are normally characterized by poverty . 2. Agriculture largely remains labour intensive in India. Most farmers as well as labourers live at subsistence level or even below subsistence level. In order to increase agricultural production, investment in agriculture is necessary which will generate surplus to form capital base of the farmers.
2
History of Banking its Evolution and Development
At present majority of farmers and farm labourers are unable to save anything because of poor to low surplus. Poor Capital level results in low to even no reinvestment in the business which may lead to poor standard of living. Addition in population is also one of the many major causes of poor savings and poor standard of living.

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