What is the importance of banking?
Answer:
Well there's this really pretty girl who works at my bank who keeps flirting with me. It's important because if she weren't there, I probably wouldn't get my lazy butt down there to deposit my paycheck every now and then. So, you see, pretty girls who work at the bank are important for the economy.
Luv, Jack
To provide money to those that need funds to build/create/start, and don't have the funds themselves. The initially loaned funds are paid back to the bank with interest, and this ensures the bank has funds to support the bank as an institution.
Banks serve for the economy of the country. They are not mere institutions run for savings. Term loans for various consumer goods, agriculture, industries, housing, education etc., are carried out by banks to ensure healthy money supply in the society for constructive purposes in economy.
VR
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