Contest : Banking in order to improve people's living standards

Hello, to all my friends here. This is my first post in the Steem Entrepreneurs Community and I want to thank my friend @f2i5 for organizing this contest:- Banking in order to improve people's lives, which attracts my eye towards the community and now I want to be a part of this community. And that is the beginning.

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Banks are one of the major financial institutions in every country and they are like a strong pillar on which a country stands, and if it falls, the country falls too. It plays an important as well as a responsible role in the development of a country's economic growth as it empowers its citizens by giving financial support. Maybe banks are different in nature and size, but although they all work together in different areas of a country to help each individual, rather the fact he is living in a rural or in a urban area.

• A bank can perform multiple functions, like from printing money to accepting deposits and initiating withdrawal of money. And it also lends money to the individual in need. But the size of lending amount and the terms and conditions for accepting money lend to the individual can be changed according to the needs of an individual and the size of the bank.

• Banks can be both government and private according to ownership, but they are all controlled by the government. Especially by the Reserve Banks of their respective countries.

• Furthermore, banks are also divided into four categories according to their size and nature, like :- Central Bank, Commercial Bank, Cooperative Banks, Regional Rural Banks.

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Well, in my country there are 34 major banks that are operating, including both government and private, and except these there are thousands of microfinance groups/credit unions or small and regional banks are operating too. And I have my main account in the Union Bank of India, which is basically a private bank, it is one of 34 major banks and currently I'm using its debit card and mobile banking services too. Besides that, I also have accounts with RBL, IPPB, NSDL AND Federal bank too. But we will discuss about my primary bank only.

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The Union Bank of India provides different types of loan, like :- home loan, vehicle loan, education loan, personal loan, loan against property and special loan for senior citizens and retail loans for government employees and the credit disbursement process is also easy if, you found fit according to the eligibility criteria of my bank, but most common criteria is for all types loan is you must have proof your income may be from job or business and you should have a good credit score from 650 - 800. And the interest rates are also different for different loans, but it charges between 2.5% - 13.5% annually.

Yes, it helps a lot in growing the economy of our community as it has a much easier lending process than other banks, so people likes to take money from this bank and as far as I know some people from my neighborhood also took loans from this bank and they are happy about it, as their loan application approved easily and now they got the money for their business and now it is going good.

Well, in a nutshell, I want to say that the banks are the lifeline of the modern economy and without them it can't survive.

10% of benificiary has been set for @steemkindness