Evolution of Banking System in India
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Questions and Answers

When was the first bank set up in Madras by the officers of East India Company?

  • 1500s
  • 1700s
  • 1600s (correct)
  • 1800s
  • What was the significance of the three banks amalgamated into the Imperial Bank of India in 1921?

  • They were solely governed by Royal Charters
  • They were rural cooperative banks
  • They were known as Presidency banks (correct)
  • They represented administrative units in the country
  • Which princely state pioneered the urban cooperative credit movement in 1889?

  • Madras
  • Mysore
  • Calcutta
  • Baroda (correct)
  • In which year was the Bank of Bombay established?

    <p>1720 (D)</p> Signup and view all the answers

    What was the primary role of the Imperial Bank of India?

    <p>All of the above (D)</p> Signup and view all the answers

    Why were the banks set up in Calcutta, Bombay, and Madras known as Presidency banks?

    <p>As they were located in administrative units of the East India Company (D)</p> Signup and view all the answers

    When was the Allahabad Bank, the first Indian owned bank, established?

    <p>1865 (D)</p> Signup and view all the answers

    What was the major function of the early Indian banks, such as the Allahabad Bank and Punjab National Bank?

    <p>To finance foreign trade (C)</p> Signup and view all the answers

    What was the primary objective of the government's nationalisation of banks in 1969?

    <p>To promote economic growth (C)</p> Signup and view all the answers

    What was a disadvantage of nationalisation of banks?

    <p>Banks had no incentive to make profits (B)</p> Signup and view all the answers

    What was the purpose of the Banking Companies Act enacted in 1949?

    <p>To regulate and control the activities of banks (D)</p> Signup and view all the answers

    What was the impact of the Great Depression on the Indian banking sector?

    <p>Bank failures increased (B)</p> Signup and view all the answers

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