COMMERCIAL BANKS' PRIMARY FUNCTIONS AND THEIR IMPACT ON THE NATION'S ECONOMY

Abstract

An essential component of the economy is the banking industry. As a result, this industry is crucial to the health of the economy. In addition to endangering an economy's long-term viability, a weak banking sector can act as a catalyst for a financial crisis, which in turn can cause economic crises. Since the 18th century, the function of banks in an economy has been studied. The significance of banks in the nation's economy is examined in this article, along with the primary purposes of their operations.