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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 key functions of the banking sector? |  |
Ans. The banking sector plays several key roles in the economy, including accepting deposits, providing loans, facilitating payments, and offering financial services like investment advice and wealth management. It also helps in the implementation of monetary policy by managing the supply of money and credit in the economy.
| 2. How do banks contribute to economic growth? | |
Ans. Banks contribute to economic growth by providing the necessary funding for businesses and individuals. By lending money, they enable investments in infrastructure, education, and innovation, which in turn creates jobs and stimulates economic activity. Additionally, banks facilitate savings, which can be used for future investments.
| 3. What are the different types of banks in the banking sector? | |
Ans. The banking sector comprises several types of banks, including commercial banks, investment banks, savings banks, credit unions, and central banks. Each type serves different purposes: commercial banks focus on retail and corporate banking, investment banks assist with capital markets and mergers, savings banks emphasize savings accounts, credit unions are member-owned, and central banks manage monetary policy and currency stability.
| 4. What is the significance of regulatory bodies in the banking sector? | |
Ans. Regulatory bodies play a crucial role in ensuring the stability and integrity of the banking sector. They establish rules and guidelines that banks must follow to protect consumers, maintain fair competition, and prevent financial crises. These bodies, such as the Federal Reserve in the U.S. or the Reserve Bank in India, monitor banks' health and compliance with laws to safeguard the overall economy.
| 5. How has technology impacted the banking sector? | |
Ans. Technology has significantly transformed the banking sector by enhancing efficiency and customer experience. Digital banking services allow customers to perform transactions online, access their accounts anytime, and utilize mobile payment systems. Additionally, advancements such as artificial intelligence and blockchain technology are improving security, fraud detection, and operational processes within banks.
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Dec 21, 2024 Last updated |
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