ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A key component in the growth of a country’s economy, commercial banks are vital to the development of industry and trade. They act as guardians of the country’s wealth and resources and enable capital to move to productive assets at the appropriate time.

Detailed explanation-2: -The commercial banking industry in India started in 1786 with the establishment of the Bank of Bengal in Calcutta. The Indian Government at the time established three Presidency banks, viz., the Bank of Bengal (established in 1809), the Bank of Bombay (established in 1840) and the Bank of Madras (established in 1843).

Detailed explanation-3: -Commercial Bank has 100 years of unparalleled growth and achievement. Having made a distinctive mark in Sri Lankan banking history, we stand out for our superlative service and technological superiority.

Detailed explanation-4: -Commercial banks help mobilize savings through a banking network. People in developing economies have low incomes, but banks can induce them to save by introducing a variety of deposit schemes to suit individual needs. Banks also mobilize the savings of the wealthy few.