ROLE OF BANKING SYSTEM IN ECONOMIC DEVELOPMENT OF INDIA

Abstract

The banking sector plays a vital role in the economic development of India. It does not only grow
the country’s wealth but also acting as the country’s resources, which are important for a nation’s
economic development. The main role of banking is to provide financial services to the general
public and businesses while providing economic and social stability and sustainable economic
growth. the banking sector serve capital formation promote investment, and drives financial
inclusion along with economic development of India .This research paper to analyze the role of
banking in India’s development and explores the historical evolution of banking in India, its
contribution to economic growth and study of challenges faced by the banking sector.