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INTRODUCTION: Financial System can be referred to as that part of the economy which includes all the institutions involved in moving savings from savers (households and firms) to borrowers, and in transferring, sharing, and insuring risks; it includes banks, insurance markets, bond markets, and the stock market. (www.wellspring.isinj.com).In other words we can say it sis an information system, comprised of one or more applications, that is used for any of the following: collecting, processing, maintaining, transmitting, and reporting data about financial events; supporting financial planning or budgeting activities; accumulating and reporting cost information; or supporting the preparation of financial statements. An efficient financial system is also essential for economic growth and future productive capacity of a country. A sound and modern financial system encourages savings which are then utilized in investment in productive capital within an economy. The Primary aim is to facilitate financial transactions and transactions of goods and services....

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