Banks and Their Role

byTulika Prashant

At any point in time, money is quietly moving everywhere. Your parents order groceries online. The electricity bill is paid using a mobile phone. School fees are paid through an online portal. Your parents receive their salary every month. All these things happen, often without visiting a bank even once. Then have you ever wondered why we need banks at all?

Behind every online payment and every digital transaction, there is a banking system working in the background. Banks play a very important role in our daily lives and in the country’s economy, even though we may not notice them. What Is a Bank? A bank is a financial institution tha