Deposit Mobilization of Indian Overseas Bank in Thanjavur Main Branch

The growth of the financial system is, indeed, vital to the process of economic development in any economy as it helps to mobilize savings and channelise them in various sectors of the economy for the purpose of growth and development. Economic development may be defined as "a progress where by an economy's real national income increases. "Thus, economic development refers to both process as well as an increase in the real national income. A rise in the real national income is the growth of the economy. Economic Development is, thus, the cause or process whereas economic growth is its effect or result. It may be said that economic development includes variations in the supply of factors of production on the one hand and demand for the products based on economic and non-economic factors on the other. But, the economic growth is the outcome of this long process of development.