How do banks play an important role in the economy?

Banks play an important role in developing the economy by the following ways:

1. Banks keep the money of the people in its safe custody.
2. Banks give interest on the deposited money to the people.
3. Banks mediate between those who have surplus money and those who are in need of money.
4. Banks provide loans to a large number of people at low-interest rates.
5. Banks promote agricultural and industrial sectors by providing loans.
6. They also provide funds to different organizations.