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Banking, Trade And Commerce

The banking plays a very important role in the economic development of any state or country. Banking, in its broadest sense, means an industry which produces the service we all credit. The earliest Indian settlement is traced in the villages, where the people were wholly engaged in the village and cottage industries allied to or dependent on agriculture. Since time immemorial indigenous banking has played a key role in the monetary organization of the country. Indigenous bankers have always occupied a respectable place because of their services to the community. In the epic period, it had been found that not only banking was reserved to the vaishyas but the state had entrusted itself in banking and loans were granted to the public during the period of distress from the royal treasury at the rate of twenty percent per annum.