How banks became irrelevant to the country’s economy

BEFORE discussing how banks became irrelevant to the economy, it is better to review their penchant for making profits and little or no contribution to economic progress. For the last three years, banks have been only a profit-making sector and contributed little to the country’s economic growth.

There are several reasons for the dismal performance. A high interest rate of 22 per cent during the entire financial year FY24 tops them all.

Banks make profits all over the world, but...