Answer to Question #145671 in Economics for Shivani Lohiya

Question

Define bank. Justify the statement "Bank is the nerve center of modern world.

Answer 1

A bank is a financial institution licensed to receive deposits and make loans. Banks may also provide financial services such as wealth management, currency exchange, and safe deposit boxes.

Banks are the nerve centre of trade, commerce and business in a country. Banking is the life-blood of modern commerce. Banking plays a very important role in the economic development of all the nations of the world. 

So, the statement is true.