On April 1, State Bank of India has become very large by the merger of various associate banks. 14 major banks were nationalised in 1969 during India Gandhi Regime. These two events portray how banks affect the socio-economic life of the country besides being the major centre for crediting money and financial mobilisation.

An anonymous quote states, Banks have to act not only as purveyors of credit, but also as harbingers of social and economic development through a variety of enterprises, many of which may be tiny and yet capable of generating productive energies. Banks have gained immense popularity in today’s life time still their working capabilities are not upto the work. Bank transactions are quite complex in nature. This makes clients irritated. Regarding computerisation which is going on in banks, people are not aware of the facilities provided nor the bank workers. Courteous and generous staff is generally missed in the bank. Decorum and duty of the employees are also a hindrance in the working of the bank door to door approach of the banks is also missing in the rural areas. Attractive deposit schemes like Re-Investment Plan, Recurring Deposit Scheme, Retirement Plan, Permanent Plan are also not promoted in the correct way additional benefits like interest accruing from bank are also not known to people. Rural development bank and its objectives with NABARD and its approach are steps in right direction which people are not aware of. Increased production, purchase of good quality seed and scientific tools like tractors etc. can be given to farmers on loan. These loan installments are easy to pay and play a far reaching effect in the process of progressive agriculture. Digital payment and account to account transaction promoted by the government makes bank a channel between two counterparts of a transaction. Therefore, the importance of bank cannot be denied in this global world. However one needs to use the facilities with judicious thought and wisdom.