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Banking Sector- 2 Video Lecture | Indian Economy for UPSC CSE
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FAQs on Banking Sector- 2 Video Lecture - Indian Economy for UPSC CSE
| 1. What are the main functions of the banking sector? |  |
Ans. The main functions of the banking sector include accepting deposits from customers, providing loans and credit facilities, facilitating payment systems, issuing debit and credit cards, managing investments, and offering various financial services.
| 2. How does the banking sector contribute to the economy? | |
Ans. The banking sector plays a crucial role in the economy by mobilizing savings from individuals and businesses and channeling them into productive investments. It provides financial intermediation, which helps in the efficient allocation of resources, promotes economic growth, and supports the development of various sectors such as agriculture, industry, and commerce.
| 3. What are the different types of banks in the banking sector? | |
Ans. The banking sector consists of various types of banks, including commercial banks, investment banks, central banks, cooperative banks, and development banks. Commercial banks focus on providing banking services to individuals and businesses, while investment banks specialize in capital market activities. Central banks are responsible for monetary policy and financial stability, cooperative banks serve specific groups or communities, and development banks support economic development projects.
| 4. How does the banking sector ensure the safety of deposits? | |
Ans. The banking sector ensures the safety of deposits through various mechanisms. One such mechanism is deposit insurance, where a certain amount of deposits in banks is insured by the government or a designated agency. Additionally, banks adhere to strict regulations and prudential norms set by regulatory authorities to maintain financial stability and protect depositors' interests. Banks also implement robust security measures to safeguard customer information and prevent fraudulent activities.
| 5. What are the challenges faced by the banking sector? | |
Ans. The banking sector faces several challenges, including technological advancements and digital disruption, increasing competition, regulatory compliance, managing risks, maintaining profitability, and addressing cybersecurity threats. Additionally, economic fluctuations, non-performing assets, and changes in customer preferences and expectations also pose challenges to the banking sector. To overcome these challenges, banks need to adapt to evolving trends, invest in technology, enhance customer experiences, and adopt effective risk management strategies.
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Nov 21, 2024 Last updated |
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