Nationalization — Set 5
Banking · राष्ट्रीयकरण · Questions 41–50 of 60
When were the 14 major commercial banks nationalized?
Correct Answer: C. 1969
The first phase of bank nationalization took place in 1969 under Indira Gandhi. 14 major private banks were taken over by the government. This was a landmark event in Indian economic history.
The Reserve Bank of India was nationalized in which year?
Correct Answer: D. 1949
RBI was nationalized on January 1, 1949. Before this, it was a private shareholders' bank. It is now the central bank and the supreme monetary authority of India.
In 1955, which bank was created after the nationalization of the Imperial Bank of India?
Correct Answer: D. State Bank of India
The State Bank of India (SBI) was established on July 1, 1955. It was formed by nationalizing the Imperial Bank of India. SBI is the largest public sector bank in India today.
How many banks were nationalized during the second phase in 1980?
Correct Answer: A. 6
In the second phase of nationalization in 1980, 6 more banks were brought under government control. This followed the first phase of 1969. It was done to further extend credit to priority sectors.
Nationalized banks are those in which the government holds at least _____ stake.?
Correct Answer: C. 51%
A bank is considered a public sector or nationalized bank if the government holds at least 51% of its shares. This ensures that the government has controlling power. Majority ownership allows for the implementation of social policies.
Which was the first bank to be nationalized in India?
Correct Answer: A. RBI
The Reserve Bank of India (RBI) was the first bank to be nationalized in India in 1949. It acts as the regulator of all other banks. This nationalization marked the beginning of state control over finance.
What was the main motive behind bank nationalization in 1969?
Correct Answer: C. Social welfare and rural development
The main objective was to ensure that banking reached the rural areas and helped farmers. Previously, private banks mostly served big businessmen in cities. Nationalization aimed for 'Mass Banking' instead of 'Class Banking'.
The first phase of 1969 nationalization targeted banks with deposits above?
Correct Answer: B. Rs. 50 Crores
In 1969, 14 banks having deposits of more than Rs. 50 crores were nationalized. This was a major policy move by the government. It covered the majority of the banking business in India at that time.
Which of the following is a nationalized bank?
Correct Answer: C. Punjab National Bank
Punjab National Bank is one of the oldest and largest nationalized banks in India. HDFC, ICICI, and Axis are private sector banks. PNB was nationalized in the first phase in 1969.
Which bank merged with Punjab National Bank in 1993?
Correct Answer: C. New Bank of India
New Bank of India was merged with PNB in 1993. This was the first merger of a nationalized bank with another. It happened due to the poor financial condition of New Bank of India.