NCERT Class 7 Social Science Part 2 Chapter 8 Banks and the Magic of Finance Solutions
NCERT Class 7 Social Science Part 2 Chapter 8 Banks and the Magic of Finance Solutions Banks and the Magic of Finance Questions and activities 1. What is financial infrastructure? How does it complement physical infrastructure? Answer: Financial infrastructure is a network of banks, payment systems, stock markets and other financial institutions that help people, businesses and the government manage money and carry out financial transactions. It complements physical infrastructure (like roads, railways, electricity and telecommunication) by: Providing funds for building and maintaining them. Enabling smooth money transactions related to economic activities. Supporting savings, credit and investment, which help in national development. 2. How does having a bank account help people? Should everyone be required to have a bank account? Answer : A bank account helps people keep their money safe instead of storing it at home. It also allows them to earn interest on savings. People can easil...