History of Banking Questions - 1

What was the first commercial bank in India ?
  • Reserve Bank of India
  • Punjab National Bank
  • Oudh Commercial Bank
  • Imperial Bank
  • State Bank of Bikaner and Jaipur
Explanation   

Oudh commercial bank was the first commercial bank founded in India, in the year 1881 in Faizabad.

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Oldest National Bank in India at present is
  • Oudh Commercial Bank
  • State Bank of India
  • Punjab National Bank
  • Corporation Bank
  • State Bank of Travancore
Explanation   

Punjab National bank is the oldest bank still existing in India, established in 1894.

Bank of Calcutta established in 1806 renamed as Bank of Bengal, in 1921 it merged with Bank of Bombay and bank of Madras in 1921, is established.

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Banking Regulation Act came in to force in the year
  • 1948
  • 1949
  • 1947
  • 1950
  • 1952
Explanation   

Banking Regulation Act 1949 is enacted to regulate the functions of the banks in India.

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Reserve Bank of India founded in the Year
  • 1948
  • 1940
  • 1945
  • 1935
  • 1955
Explanation   

RBI established under RBI Act 1934. Came into operation from 1st April 1935, with a capital of 5 Cr.

First Governor of RBI is Sir. Osborne Smith.

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RBI nationalized in the year
  • 1934
  • 1947
  • 1955
  • 1949
  • 1948
Explanation   

On 1st January 1949

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Who was the Governor of RBI when it nationalized?
  • Sir James Taylor
  • Sir C.D Deshmukh
  • Sir. Osborne Smith
  • Sir.Benegal Rama Rao
  • P.C. Bhattacharya
Explanation   

Sir C.D. Deshmukh was the Governor of RBI for the duration of 11.8.1943 to 30-6-1949.

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Currency Notes are printed by
  • Central Government
  • Central Bank of India
  • Finance Department
  • State Bank of India
  • Reserve Bank of India
Explanation   

RBI is the sole authority to issue currency except Rs.1; all denominations are printed by RBI

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Rs. 1 note bears the signature of
  • RBI Governor
  • Deputy Governor of RBI
  • Finance Minister
  • Central Finance Secretary
  • Cabinet Secretary
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State Bank of India was nationalized in the year
  • 1949
  • 1955
  • 1948
  • 1954
  • 1942
Explanation   

State Bank of India Nationalized in the year 1955. Previously Imperial Bank of India.

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On 19th July 1969 14 Banks were nationalized, of which Reserves were more than Rs.
  • Rs. 100 Cr
  • Rs. 20 Cr
  • Rs. 50 Cr
  • Rs.150 Cr
  • Rs. 160 Cr
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