Answer:
It contributes a great role in the economy.
Step-by-step explanation:
The Indian Banking industry comprise of 27 public sector banks, 21 private sector banks, 49 foreign banks, 56 regional rural banks, 1,562 urban cooperative banks and 94,384 rural cooperative banks. Banks play a very crucial role in the development of a country's economy because they accumulate the savings of the people and make their savings available for investment. This banking sector in India contributes a great role in providing services and convenience to the citizens.