Financial Bodies — Set 5
Days & Years · वित्तीय निकाय · Questions 41–50 of 50
Which year marks the establishment of the World Trade Organization (WTO)?
Correct Answer: A. 1995
The WTO was established on January 1, 1995, following the Marrakesh Agreement. it replaced the General Agreement on Tariffs and Trade (GATT). It is the only international organization dealing with the global rules of trade between nations.
In which year was the Industrial Credit and Investment Corporation of India (ICICI) established as a development financial institution?
Correct Answer: B. 1955
ICICI was formed in 1955 at the initiative of the World Bank and the Government of India. It was initially set up to provide medium and long-term project financing to Indian businesses. In 2002, it merged with its subsidiary to become ICICI Bank.
When was the National Stock Exchange of India (NSE) recognized as a stock exchange?
Correct Answer: C. 1993
NSE was incorporated in 1992 but was officially recognized as a stock exchange by SEBI in April 1993. It was the first exchange to provide screen-based trading in the country. It started operations in the wholesale debt market in 1994.
The International Finance Corporation (IFC) was established in which year?
Correct Answer: B. 1956
The IFC was established in 1956 as the private sector arm of the World Bank Group. It provides financing and advice to promote private sector development in developing countries. It is headquartered in Washington, D.C.
In what year was the first Finance Commission of India constituted?
Correct Answer: B. 1951
The 1st Finance Commission was set up on November 22, 1951, by the President of India. Its recommendations covered the period from 1952 to 1957. K.C. Neogy was appointed as its first chairman.
When was the General Insurance Business (Nationalisation) Act passed in India?
Correct Answer: C. 1972
The Act was passed in 1972 to nationalize the general insurance business in India. It resulted in the merger of 107 insurers into four subsidiaries of GIC. This move aimed to ensure better control and wider reach of general insurance.
The Organisation for Economic Co-operation and Development (OECD) was established in which year?
Correct Answer: B. 1961
The OECD was officially established on September 30, 1961, succeeding the Organisation for European Economic Co-operation. It is an intergovernmental economic organization with 38 member countries. Its mission is to promote policies that improve economic and social well-being.
In which year was the BRICS grouping (initially BRIC) formally formed?
Correct Answer: B. 2006
While the term was coined in 2001, the grouping was formally established in 2006 during a meeting of foreign ministers. The first formal summit was held in Yekaterinburg in 2009. South Africa joined the group in 2010 to make it BRICS.
When was the International Development Association (IDA) established as part of the World Bank Group?
Correct Answer: B. 1960
The IDA was established on September 24, 1960, to provide concessional loans to the world's poorest countries. These loans are often called 'credits' and carry little or no interest. It is a vital part of the World Bank's mission to reduce global poverty.
The Reserve Bank of India was nationalized in which year?
Correct Answer: C. 1949
The RBI was nationalized on January 1, 1949, under the Reserve Bank (Transfer to Public Ownership) Act, 1948. This changed the RBI from a private shareholder bank to a government-owned entity. Since then, the central bank has been fully owned by the Government of India.