Importance Of Banking In Indian Economy | Dear India - Dear India

Importance Of Banking In Indian Economy | Dear India

Fourteen major banks were nationalized in 1969, and some more were nationalized a few years later. Since then banks are playing major role in the socio-economic life of the country. They are no longer merely instruments for credit mobilization and money-lending. They are no longer merely institutions for earning maximum profits for the benefits of a few individuals. They are now a powerful source of economic growth and social justice. Shri H.C Sunkar very pertinently remarked, “ Banks have to act not only as purveyors  of credit but also as harbingers of social and economic  development through a variety of enterprises.”
               The role of banks has changed, but still, the quality of banking services in some part of India remains poor.  A bank transaction is a time-consuming affair. But now there is another option for banking transactions of fintech services like Paytm, PayPal, PhonePe, etc. To avoid the delays of banking system ATMs are installed in the bank premises and roadside of the cities.
                              It is also essential that a bank should mobilize maximum possible deposits so that they can be more liberal in advancing loans. For mobilization of deposits, it is essential that customer is made aware of the fact that it is in customers interest to deposit money in banks. The people, especially in rural areas, should be assured that the money deposited in banks is entirely safe.
                                             People in general, especially women are of the view that it is more profitable to invest money in the purchase of gold than to put money in banks. To Mobilize deposit schemes such as attractive Re-investment Plan, Recurring Deposit Scheme, Retirement Plan, etc. should be promoted.
                                                            Banking service should be extended to rural areas also. We are happy to note that during the last few years more and more banks have opened their branches in the rural areas. People are opening bank accounts. Government’s Jan Dhan Yojna has also helped in promoting Banking System in India. These days, it is easy to make a transaction using fintech Apps like Paytm and PayPal. These enterprises have changed the scenario of banking transactions.

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Importance Of Banking In Indian Economy | Dear India  Importance Of Banking In Indian Economy |  Dear India Reviewed by Pawan Prakassh on July 30, 2019 Rating: 5

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