Development Banks Impact on Economic Development

Economic Development: Growth is associated with structural, social change and change in the important institutions of the economy.

Banks are institutions in which people put their money for safekeeping, to save, to use to pay their bills, or to earn interest on. Banks are allowed to use that money to make loans and earn interest for the bank's’ owners. Different types of banks offer different types of services. For example, commercial banks originally just served businesses, and savings banks and credit unions were used by individuals, especially those who couldn’t qualify for loans at regular banks. This is no longer the case. Although commercial banks and thrift institutions used to serve different purposes, today they all offer many of the same types of services including bank accounts, loans, credit, certificates of deposits (CDs), and much more.

The overall development of an economy is a major factor that has significant impacts on the development of the economy's financial markets. Since well-functioning financial systems offer good and easily accessible information, they lower the costs of transaction. This in turn enhances resource allocation and strengthens economic growth. The financial services industry consists of various systems such as stock markets and banking systems that enhance growth and help in poverty reduction. However, commercial banks tend to dominate the financial system during low levels of economic development while stock markets become more active and effective during periods of high levels of economic development ("Financial Sector", n.d.). The other important systems in the financial services industry include sound macroeconomic policies, shareholder protection, and good legal systems.

When determining the bank’s future over the next five years, one must analyze what the bank needs to focus on in order to achieve the individual goals. The bank’s mission is to work towards offering its customers the one-stop financial shop concept delivered with an unexpected, unsurpassed level of customer service. In order to achieve this mission, FirstBank must be able to continue to strive to be better and never settle.

To serve the core financial needs of people, companies and institutional investors, by connecting our

“ Our mission is to be a Premier Bank in the Asia- Pacific region, committed to providing Quality Products and Excellent Customer Service.”

First of all, as the name explicit that it is a financial organisation as a bank and people from almost all walks of life are interacting with it on a daily bases.

The history of development bank of Ethiopia goes back to 1909 when the first attempts of its kind known as the societe narionale d’ ethiopie pour le development de l’ agriculture et de commerce (the society for the promotion of agriculture and trade) was established in the menelik II era. Since then the bank has taken different names at different times although its mission and business purpose has not undergone significant changes except for occasional adjustment that were necessitated by change in economic development policies of the country. For example, in 1975 when the socialism regime nationalized all the privately owned banks, the development bank of Ethiopia was merged with the investment bank to form the agricultural and industrial development banks. After that it was renamed to development bank of Ethiopia. It is established to spur the national development agenda. The bank’s focal point is the provision of customer focused lending to viable projects in line with government priority areas by mobilizing fund from domestic and foreign sources while ensuring its organizational

Banks are the most significant players in the Indian financial market. They are the biggest purveyors of credit, and they also attract most of the savings from the population. Dominated by public sector, the banking industry has so far acted as an efficient partner in the growth and the development of the country. Driven by the socialist ideologies and the welfare state concept, public sector banks have long been the supporters of agriculture and other priority sectors. They act as crucial channels of the government in its efforts to ensure equitable economic development.

Diversification: the company has an option of entering into Non-Bank Finance Companies (NBFC) sector and financial education to its clients.

The specific issues being studied are all linked to economic growth and financial development. The authors use a certain method to help them in their research. “After considering the panel characteristics of the dataset, long-run relationships among financial development, economic growth and

There were several roles played by the Bank in the reconstruction and development effort in Timor-Leste:

The Great Reversal is a compelling paper written by Raghuram Rajan and Luigi Zingales exploring the facilitation of financial systems in financial development. The paper asks the question; why financial systems have appeared to be repressed despite the correlation between financial systems and financial development. The paper explains that historically not all countries have pursued policies that have encouraged financial development, it develops a political and social theory which explains how

Coordinated Title 10 OMA 1 year fund requirements and execution for USASAC, LCMC’s, and MSC’s.

An excellent bank certainly does something which it promised to do in a particular time.