The role of banks is crucial in modern society and in the economic life of every civilized nation. Banks are widely used by people of all backgrounds who trust and rely on them, whether they are passively entrusting their savings to the bank or actively using banking services for business and commerce (Dizon, 2006). Even wage earners are inclined to put their life’s savings in a bank for safekeeping and interest-earning purposes. The general public also relies on banks to manage their expenses and bills through a modest checking account. Businesses trust banks with their day-to-day transactions, as well as in obtaining loans when necessary. Our study will specifically focus on the rural banking industry in the Philippines.
In areas where banking institutions are scarce, rural banking is a widely-used practice as individuals may have difficulties in performing banking transactions. Although moder
...n technology has allowed more people to access online banking systems without having a nearby branch, this technological advancement is unavailable to some individuals, leading to continued demand for rural banking in certain regions (ehow.com). Countries with emerging markets that offer an expanded selection of banking services have embraced rural banking, including nations like India, rural China and countries in Africa.
The significance of rural banking in a country's economic progress is undeniable. The attainment of economic planning goals cannot be accomplished without improving the rural economy and the lives of its people. The true progress of the Indian economy depended on liberating the rural masses from extreme poverty, unemployment, and economic backwardness. To this end, the government of India has devised and put into action several crucial rural development plans since the inauguration of
the first five-year plan from 1951-56. However, analyzing these programs' accomplishments clearly indicates that many were unsuccessful in their objectives due to underprivileged economic conditions and inadequate financial resources allocated to impoverished individuals in rural areas.
The significance of banks and other financial institutions in fostering the rural economy of a nation cannot be understated, as per easternbookcorporation.com. Thus, the purpose of this analysis is to aid stakeholders such as investors, creditors, future researchers, and rural banks in scrutinizing the rural banking sector in the Philippines.
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