Banks are one of the most important financial services that contribute to the economy of the country. All banks within a country are managed by the central banks. Banks are primarily established to provide saving and credit facilities. You can save money in banks, you can borrow money from banks. When you say banks provide you interest, and when you borrow, they charge you interest. Banks make profits by lending money to individuals and businesses. They offer different kind of saving facilities as well as lending facilities. If you want to borrow, you will have to follow several requirements and the most important one is collateral to secure the loan.
What is the Role of Banks
- Thread starter Mika
- Start date
The role of banks is enormous, they are tasked with keeping your money safe, so if you keep your money in the bank you're not worried that thief is going to come at night and steal your money or other casualties that may occur.
Also a bank can help in securing a loan, if you're an employee that receive a monthly salary, a bank can give you a loan proportionate to your salary which you can use to do other stuffs.
Also a bank can help in securing a loan, if you're an employee that receive a monthly salary, a bank can give you a loan proportionate to your salary which you can use to do other stuffs.