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Write the importance of bank |
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Answer» Bank is a financial INSTITUTION that facilitates transfer of money from one person or business to another person or business. Basically it is an institution for keeping, lending, transferring and EXCHANGING money. BANKS lend money that they receive from public as deposits. The money borrowed from bank is then invested in business, agriculture and other INCOME generating opportunities, creating more income, assets and employment opportunities. Such ACTIVITIES have direct impact on the economic growth of the country. |
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