kripanepal27
Answered

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What is the role played by a bank in the economic development of Nepal?​

Sagot :

sameekshya66

Answer:

The banking system plays an important role in the modern economic world. Banks collect the savings of the individuals and lend them out to business- people and manufacturers. ... Thus, the banks play an important role in the creation of new capital (or capital formation) in a country and thus help the growth process.

Explanation:

Banks play an important role in capital formation, which is essential for the economic development of a country. They mobilize the small savings of the people scattered over a wide area through their network of branches all over the country and make it available for productive purposes

dubeyshailja64

The banking industry has played a significant role in fostering the economy of Nepal. The development of the economy as a whole has been performed by financial institutions and banks, whether directly or through the use of services like Letters of Credit or Guarantees.

What are banks?

Banks are referred to as financial institutions that help in borrowing or lending money to investors and help in deposits money for savings and withdrawing cash whenever needed.

Banks play a significant part in the development of Nepal as they assist in raising financial literacy and providing financial accessibility to the nation by ensuring facilities like mobile payments, ATMs, and the ability to lend and borrow.

A country's economic development depends on capital accumulation, which is a key component of what banks do. Through its network of branches, they may access people's minor savings that are distributed across a large area.

Learn more about banks, here:

https://brainly.com/question/15062008

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