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Introduction A bank is an institution that accepts money deposits from
the public and provides funds on credit to individuals as well as
firms. These are the primary functions of a bank but not the only
functions. They provide various other services to its customers such
as locker facility, transfer of funds, issuance of drafts and
portfolio management to name a few. Importance of Banks Banks are
important for the individuals as well as the development of the
country's economy. Here is why these institutions are of importance:
1) Provides Safety and Security Money kept at home is not safe. It is
prone to burglary. When you keep your money in the bank, it is the
bank's responsibility to safeguard it. You do not have to worry about
its security. 2) Encourages Saving Habits Banks offer various schemes
from time to time to encourage saving habits in people. The money put
in the bank is not only saved but also grows. You have the option of
withdrawing it any time you want. 3) Eases Trade and Commerce Banks
promote trade within the country by providing loans and advances to
the traders. It also eases the process of trading between different
countries. They provide easy money transaction options to smoothen the
process. It is easy to send and receive funds from anywhere with the
advancement in the banking system. 4) Promotes Agricultural Sector
Agricultural sector is an important part of the economy. There are
special banks that provide loans to the farmers at low interest to
promote agricultural activities. Banks thus aid in promoting the
agricultural sector. 5) Aids in Development of Industries Banks accept
deposits from individuals and businesses and provide loads to the
industries. They thus aid in the development of various industries in
this way. The loan can be repaid in easy instalments. 6) Provides
Employment Opportunities Banks provide loans for the growth and
development of the agricultural and industrial sectors. As these
sectors expand, a number of employment
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