Choose whether the given statement is true/false:

A well-developed banking system helps improve production and employment opportunities in the country.

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True

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answer is A.

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Detailed Solution

The above statement is True.
A well-developed banking system helps improve production and employment opportunities in the country. A developed banking system serves as a backbone of the modern capitalist economy. Banks act as financial intermediaries that bridge the gap between savings and investments. They help mobilize the idle savings of private households into productive investment opportunities by accepting these savings as deposits. Banks also help the individual saver to earn interest on the interest he keeps with them. From these deposits, banks lend loans to businesses to carry out productive investment activities.

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