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The modern society relies on banking sector for saving and borrowing money. Many such institutions are privately owned and are working under government. They accept assets largely from public that are repayable on demand or by cheque. They also channel the money into lending activities.
Banks are working under certain rules and regulations that look up to the rights and interests of depositors further engaging in economic development of the country. They conduct their operations guiding the principles of transparency, integrity, reliability, impartially, with social responsibility and even help in controlling money laundering. Some follow the norms but some dishonour that leads to adverse effects as a result of corruption.
Its performance is measured on their capacity to increase financial assets. The technology has also paved a new way in banking with anytime access to customers using internet banking, ATM and credit cards plus mobile banking. Even international market relies on these financial institutions such as JP Morgan, Bank of America, Citigroup, Wells Fargo and Goldman Sachs with many more.
Thus, banks play a strategic role in economy growth managing out capital in productive enterprises and also raise the standard of people of the country.