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Flashcards on Historical Development of the Indian Banking System
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What was the first bank established in India?
Bank of Hindustan, 1770
Which was the first bank founded by Indians?
Punjab National Bank, 1894
When was the Reserve Bank of India established?
1935
Which year did the nationalization of major banks in India first occur?
1969
How many banks were initially nationalized in 1969?
14
What event initiated the second round of bank nationalization in India?
Banking sector reforms, 1980
What significant banking sector reform happened in 1991 in India?
Liberalization of the banking sector
Which organization was established in 1964 to develop the housing finance system in India?
HDFC (Housing Development Finance Corporation Ltd)
When was the first ATM installed in India?
1987
What role does the Reserve Bank of India play?
India's Central Bank
When was the State Bank of India (SBI) established?
1955, originally founded as Bank of Calcutta in 1806
Which event marked the beginning of private and foreign banks in India?
Economic reforms in 1991
When did the Banking Ombudsman Scheme first come into play?
1995
What is the primary function of NABARD established in 1982?
To provide and regulate credit for rural development
Which act governs the commercial banks in India?
Banking Regulation Act, 1949
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Test Your Knowledge
When was the first phase of nationalization of banks completed in India?
1955
1980
1969
1991
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Who established the first bank in India, the Bank of Hindustan?
British Government
Indian Merchants
Alexander & Co.
East India Company
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After which event did the Reserve Bank of India gain full control over monetary policy in India?
Nationalization in 1949
Establishment in 1935
Economic Reforms in 1991
Banking Sector Reforms in 1980
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Which is the oldest Joint Stock bank of India?
Reserve Bank of India
Bank of Baroda
Allahabad Bank
Central Bank of India
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Which was the first Indian bank to open a branch outside India?
ICICI Bank
Bank of India
Punjab National Bank
State Bank of India
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Liberalization of the Indian banking sector in 1991 allowed for which of the following?
Nationalization of all banks
Entry of private and foreign banks
Closure of rural banks
Complete government control over banks
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Which bank is known as the banker to the Government of India?
ICICI Bank
Reserve Bank of India
Axis Bank
State Bank of India
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In which year did the Bank of Calcutta, the first bank opened by the British in India, start operating?
1858
1901
1806
1770
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The Banking Ombudsman Scheme is aimed at:
Addressing customer complaints against banks
Regulating interest rates for banks
Facilitating foreign investment
Bank nationalization
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What was the name of the organization created in 1964 to fund housing development in India?
Reserve Bank of India
Housing Development Finance Corporation Ltd
National Housing Bank
State Bank of India
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