Banking NBFC Software Pigmy Software
Introduction ď ˝ Bank
is a lawful organization, which accepts deposits that can be withdrawn on demand. It also lends money to individuals and business houses that need it. ď ˝ A bank is a financial institution that provides banking and other financial services to their customers.
Bank Means? ď ˝A
bank is generally understood as an institution which provides fundamental banking services such as accepting deposits and providing loans. There are also non-banking institutions that provide certain banking services without meeting the legal definition of a bank. Banks are a subset of the financial services industry.
Role of Banking It encourages savings habit amongst people and thereby makes funds available for productive use. It acts as an intermediary between people having surplus money and those requiring money for various business activities. It facilitates business transactions through receipts and payments by cheques instead of currency. It provides loans and advances to businessmen for short term and long-term purposes.
Role of Banking ď ˝ It also facilitates import-export transactions. ď ˝ It
helps in national development by providing credit to farmers, small-scale industries and self-employed people as well as to large business houses which lead to balanced economic development in the country. ď ˝ It helps in raising the standard of living of people in general by providing loans for purchase of consumer durable goods, houses, automobiles, etc.
WEBSITE http://microfinancesoftware.net
Mr. Santhosh Kumar E-Mail: info@websoftex.in
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