Nationalization — Set 2
Banking · राष्ट्रीयकरण · Questions 11–20 of 60
Which bank was merged with Punjab National Bank in 1993, reducing the total count of nationalized banks?
Correct Answer: B. New Bank of India
New Bank of India was merged with Punjab National Bank in 1993. It was one of the six banks nationalized in the 1980 phase. This was the first merger between two nationalized banks in India.
How many banks were nationalized in total across both the 1969 and 1980 phases (excluding SBI and RBI)?
Correct Answer: D. 20
A total of 20 banks were nationalized (14 in the first phase and 6 in the second phase). This count does not include the State Bank of India or the Reserve Bank of India. Most of these banks have now been consolidated into larger entities.
Which committee's recommendations led to the creation of the State Bank of India?
Correct Answer: B. A.D. Gorwala (Rural Credit Survey) Committee
The A.D. Gorwala Committee, also known as the All India Rural Credit Survey Committee, recommended creating SBI. It suggested converting the Imperial Bank into a state-partnered institution. This helped in improving the institutional credit system in villages.
Nationalization aimed to end the 'Class Banking' and replace it with?
Correct Answer: C. Mass Banking
The slogan of the era was to shift from 'Class Banking' to 'Mass Banking'. This meant making banking services accessible to the common man rather than just a few wealthy clients. It led to massive branch expansion in unbanked areas.
Which of these banks was nationalized in the second phase in 1980?
Correct Answer: D. Andhra Bank
Andhra Bank was one of the six banks nationalized on April 15, 1980. Bank of India, Syndicate Bank, and Central Bank of India were nationalized in 1969. Andhra Bank has recently been merged with the Union Bank of India.
Which of the following is considered a 'Nationalized Bank' but not a 'State Bank Group' member?
Correct Answer: A. Bank of Baroda
Bank of Baroda is a nationalized bank under the 1969 Act. The other options were associate banks of the State Bank of India. All associate banks were eventually merged into the State Bank of India in 2017.
What happened to the shareholding of the banks after nationalization?
Correct Answer: A. Government ownership became 100%
Initially, the government took over 100% ownership of the nationalized banks. Compensation was paid to the original private shareholders for their loss of control. Over time, the government has diluted its stake to allow public participation.
Which bank was known as the 'Imperial Bank of India' before its nationalization?
Correct Answer: B. State Bank of India
The State Bank of India was formerly the Imperial Bank of India, which itself was formed by merging three presidency banks. It was nationalized on July 1, 1955. It remains the anchor of the public sector banking system.
Which of the following banks was nationalized in 1980?
Correct Answer: C. Punjab and Sind Bank
Punjab and Sind Bank was part of the second group of six banks nationalized in 1980. UCO Bank, Indian Bank, and Bank of Maharashtra were nationalized in 1969. This bank continues to operate as an independent public sector bank.
How many banks were nationalized in the year 1980 specifically?
Correct Answer: B. 6
Exactly 6 commercial banks were nationalized in the second phase in 1980. This was the last major act of taking over private banks en masse. The move covered banks like Vijaya Bank and Oriental Bank of Commerce.