economicsChoose given statement True/False:Banks play a significant role in an economy.

Choose given statement True/False:


Banks play a significant role in an economy.


  1. A
    True
  2. B
    False 

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    Solution:

    The above statement is True.
    Banks play a significant role in an economy. People deposit their extra cash with the banks, and banks pay interest on these deposits, thus adding to the public's income. Banks channel funds by acting as an intermediary between those who have excess money and those who need money. Banks boost economic activity by providing funds for productive purposes. They provide funds to farmers and promote agriculture. Banks also lend funds to business people and promote the industrial sector. Banks also help in creating employment in the economy.
     
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