12 Questions
When was the first bank set up in Madras by the officers of East India Company?
1600s
What was the significance of the three banks amalgamated into the Imperial Bank of India in 1921?
They were known as Presidency banks
Which princely state pioneered the urban cooperative credit movement in 1889?
Baroda
In which year was the Bank of Bombay established?
1720
What was the primary role of the Imperial Bank of India?
All of the above
Why were the banks set up in Calcutta, Bombay, and Madras known as Presidency banks?
As they were located in administrative units of the East India Company
When was the Allahabad Bank, the first Indian owned bank, established?
1865
What was the major function of the early Indian banks, such as the Allahabad Bank and Punjab National Bank?
To finance foreign trade
What was the primary objective of the government's nationalisation of banks in 1969?
To promote economic growth
What was a disadvantage of nationalisation of banks?
Banks had no incentive to make profits
What was the purpose of the Banking Companies Act enacted in 1949?
To regulate and control the activities of banks
What was the impact of the Great Depression on the Indian banking sector?
Bank failures increased
Learn about the evolution of the formal banking system in India, divided into pre-independence and post-independence phases. Explore the establishment of the first banks in Madras, Bombay, and Calcutta during the early years of banking in India.
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