The term banking refers to collecting deposits from general public and utilizing the same for lending to needy persons and investing in such a way to earn maximum profit. Thus the banking fulfills various social obligations as well as commercial activities. So it is called the life line of a country. However the commercial role of banks is wider than banking, and includes many other services.
In India banking facilities have been used from very old time and have touch the towering heights. Now a days there is no industry or trading activity carried without banking facilities. In present development, we are marching towards e-banking from manual banking. It is truly said that the development of country depend on sound banking system.
“Thus the banking fulfills various social obligations as well as commercial activities. So it is called the life line of a country. However the commercial role of banks is wider than banking, and includes many other services.”
Correction:
“Thus the banking sector fulfills”